During 2021, a company sells 379 units of inventory for $92 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 | $65 | $3,965 || May 5 | Purchase | 160 | $67 | $10,720 || Nov. 3 | Purchase | 189 | $70 | $13,230 || | **Total** | **410** | | **$27,915** |Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO (Last In, First Out).| | ||----------------|---------------------|| Ending inventory | || Cost of goods sold | |

Name: During 2021, a company sells 379 units of inventory for $92 each. The
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Description: During 2021, a company sells 379 units of inventory for $92 each. The company has the following inventory purchase transactions for 2021:| Date | Transaction | Number of Units | Unit Cost | Total Cost ||------------|-----------------

LIFO: LIFO stands for Last-In, First-Out. As its name suggest, this method assumes that the most…

Business

Accounting

During 2021, a company sells 379 units of inventory for $92 each. The company has the following inventory purchase transactions for 2021: Number Unit Date Transaction of Units Cost Total Cost Jan. 1 Beginning inventory May 5 Purchase $ 3,965 10,720 13,230 61 $65 160 67 Nov. 3 Purchase 189 70 410 $27,915 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 379 units of inventory for $92 each. The company has the following inventory purchase transactions for 2021: Number Unit Date Transaction of Units Cost Total Cost Jan. 1 Beginning inventory May 5 Purchase $ 3,965 10,720 13,230 61 $65 160 67 Nov. 3 Purchase 189 70 410 $27,915 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO. Ending inventory Cost of goods sold

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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