During 2024, a company sells 20 units of inventory. The company has the following inventory purchase transactions for 2024: Number of Units Date January 1 September 8 Transaction Beginning inventory Purchase 15 10 25 Unit Cost Total Cost $60 62 Calculate ending inventory and cost of goods sold for 2024 assuming the company uses LIFO. $900 620 $1,520

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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G.15.

During 2024, a company sells 20 units of inventory. The company has the following inventory purchase transactions for 2024:
Number of
Units
15
10
25
Date
January 1
September 8
Transaction
Beginning inventory
Purchase
Unit Cost Total Cost
$60
62
Calculate ending inventory and cost of goods sold for 2024 assuming the company uses LIFO.
$900
620
$1,520
Transcribed Image Text:During 2024, a company sells 20 units of inventory. The company has the following inventory purchase transactions for 2024: Number of Units 15 10 25 Date January 1 September 8 Transaction Beginning inventory Purchase Unit Cost Total Cost $60 62 Calculate ending inventory and cost of goods sold for 2024 assuming the company uses LIFO. $900 620 $1,520
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