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During 2021, a company sells 356 units of inventory for $93 each. The company has the following inventory purchase transactions for 2021: Number of Units Unit Date Jan. 1 Beginning inventory May 5 Purchase Transaction 61 163 183 Cost Total Cost $ 3,721 10,269 12,078 $61 63 Nov. 3 Purchase 66 407 $26,068 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO. Ending inventory Cost of goods sold

During 2021, a company sells 356 units of inventory for $93 each. The company has the following inventory purchase transactions for 2021: Number of Units Unit Date Jan. 1 Beginning inventory May 5 Purchase Transaction 61 163 183 Cost Total Cost $ 3,721 10,269 12,078 $61 63 Nov. 3 Purchase 66 407 $26,068 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO. Ending inventory Cost of goods sold

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During 2021, a company sells 356 units of inventory for $93 each. The company has the following inventory purchase transactions for 2021: | Date | Transaction | Number of Units | Unit Cost | Total Cost | |-----------|---------------------|-----------------|-----------|------------| | Jan. 1 | Beginning inventory | 61 | $61 | $3,721 | | May 5 | Purchase | 163 | $63 | $10,269 | | Nov. 3 | Purchase | 183 | $66 | $12,078 | | **Total** | | **407** | | **$26,068**| Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO. | | | |---------------|------------------| | Ending inventory | [Enter calculation] | | Cost of goods sold | [Enter calculation] |
Transcribed Image Text:During 2021, a company sells 356 units of inventory for $93 each. The company has the following inventory purchase transactions for 2021: | Date | Transaction | Number of Units | Unit Cost | Total Cost | |-----------|---------------------|-----------------|-----------|------------| | Jan. 1 | Beginning inventory | 61 | $61 | $3,721 | | May 5 | Purchase | 163 | $63 | $10,269 | | Nov. 3 | Purchase | 183 | $66 | $12,078 | | **Total** | | **407** | | **$26,068**| Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO. | | | |---------------|------------------| | Ending inventory | [Enter calculation] | | Cost of goods sold | [Enter calculation] |
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