During 2021, a company sells 373 units of inventory for $92 each. The company has the following inventory purchase transactions for 2021: Data Transaction Jan. 1 Beginning inventory May 5 Purchase Nov. 3 Purchase Number Unit of Units Cost 64 $62 64 67 Ending inventory Cost of goods sold 163 180 407 Total Cost $3,968 10,432 12,060 $26,460 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO.
During 2021, a company sells 373 units of inventory for $92 each. The company has the following inventory purchase transactions for 2021: Data Transaction Jan. 1 Beginning inventory May 5 Purchase Nov. 3 Purchase Number Unit of Units Cost 64 $62 64 67 Ending inventory Cost of goods sold 163 180 407 Total Cost $3,968 10,432 12,060 $26,460 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
Related questions
Topic Video
Question
100%
![During 2021, a company sells 373 units of inventory for $92 each. The company has the following inventory purchase transactions for
2021:
Date
Transaction
Jan. 1 Beginning inventory
May 5 Purchase
Nov. 3 Purchase
Number
of Units
64
163
180
407
Ending inventory
Cost of goods sold
Unit
Cost Total Cost
$62
$ 3,968
64
67
10,432
12,060
$26,460
Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa2e0fd6f-2dce-425f-abc8-85c204b54c7b%2F70713bf5-285e-4581-95a4-aa06c2e8451c%2Fczcvewf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:During 2021, a company sells 373 units of inventory for $92 each. The company has the following inventory purchase transactions for
2021:
Date
Transaction
Jan. 1 Beginning inventory
May 5 Purchase
Nov. 3 Purchase
Number
of Units
64
163
180
407
Ending inventory
Cost of goods sold
Unit
Cost Total Cost
$62
$ 3,968
64
67
10,432
12,060
$26,460
Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
![Financial And Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781337902663/9781337902663_smallCoverImage.jpg)
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
![Financial And Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781337902663/9781337902663_smallCoverImage.jpg)
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
![College Accounting, Chapters 1-27 (New in Account…](https://www.bartleby.com/isbn_cover_images/9781305666160/9781305666160_smallCoverImage.gif)
College Accounting, Chapters 1-27 (New in Account…
Accounting
ISBN:
9781305666160
Author:
James A. Heintz, Robert W. Parry
Publisher:
Cengage Learning
![Cornerstones of Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning