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During 2021, a company sells 365 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   60   $ 64     $ 3,840     May 5 Purchase   161     66       10,626     Nov. 3 Purchase   189     69       13,041             410           $ 27,507       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 365 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   60   $ 64     $ 3,840     May 5 Purchase   161     66       10,626     Nov. 3 Purchase   189     69       13,041             410           $ 27,507       Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO.   Ending inventory: _________ Cost of goods sold: _________

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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During 2021, a company sells 365 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   60   $ 64     $ 3,840    
May 5 Purchase   161     66       10,626    
Nov. 3 Purchase   189     69       13,041    
        410           $ 27,507    
 


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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