During 2021, a company sells 374 units of inventory for $94 each. The company has the following inventory purchase transactions for 2021: Number Unit of Units Cost Total Cost $60 62 65 Date Transaction Jan. 1 Beginning inventory May 5 Purchase Nov.3 Purchase 69 168 186 $ 4,140 10,416 12,090 $26,646 423 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 374 units of inventory for $94 each. The company has the following inventory purchase transactions for 2021: Number Unit of Units Cost Total Cost $60 62 65 Date Transaction Jan. 1 Beginning inventory May 5 Purchase Nov.3 Purchase 69 168 186 $ 4,140 10,416 12,090 $26,646 423 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO. Ending inventory Cost of goods sold
Chapter10: Inventory
Section: Chapter Questions
Problem 13PA: Company Elmira reported the following cost of goods sold but later realized that an error had been...
Related questions
Topic Video
Question
![During 2021, a company sells 374 units of inventory for $94 each. The company has the following inventory purchase transactions
for 2021:
Number
of Units
69
168
186
423
Unit
Date
Jan. 1 Beginning inventory
May 5 Purchase
Nov. 3 Purchase
Transaction
Cost Total Cost
$ 4,140
10,416
12,090
$26,646
$60
62
65
Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO.
Ending inventory
Cost of goods sold](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbc588af5-b067-4aac-9efd-59a538f66ce2%2F05b20d75-37f5-48b5-82c5-a93d4132d01c%2F0bai2k_processed.jpeg&w=3840&q=75)
Transcribed Image Text:During 2021, a company sells 374 units of inventory for $94 each. The company has the following inventory purchase transactions
for 2021:
Number
of Units
69
168
186
423
Unit
Date
Jan. 1 Beginning inventory
May 5 Purchase
Nov. 3 Purchase
Transaction
Cost Total Cost
$ 4,140
10,416
12,090
$26,646
$60
62
65
Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO.
Ending inventory
Cost of goods sold
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 2 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
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![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
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![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,
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781305088436/9781305088436_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![College Accounting, Chapters 1-27](https://www.bartleby.com/isbn_cover_images/9781337794756/9781337794756_smallCoverImage.gif)
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,