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During 2024, a company sells 20 units of inventory. The company has the following inventory purchase transactions for 2024: Number of Total Units Unit Cost Cost 17 $60 $1,020 1,054 17 62 $2,074 Date January 1 September 8 Transaction Beginning inventory Purchase Ending inventory Cost of goods sold 34 Calculate ending inventory and cost of goods sold for 2024 assuming the company uses FIFO.

During 2024, a company sells 20 units of inventory. The company has the following inventory purchase transactions for 2024: Number of Total Units Unit Cost Cost 17 $60 $1,020 1,054 17 62 $2,074 Date January 1 September 8 Transaction Beginning inventory Purchase Ending inventory Cost of goods sold 34 Calculate ending inventory and cost of goods sold for 2024 assuming the company uses FIFO.

FINANCIAL ACCOUNTING
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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During 2024, a company sells 20 units of inventory. The company has the following inventory purchase transactions for 2024: Number of Units 17 17 34 Date January 1 September 8 Transaction Beginning inventory Purchase Ending inventory Cost of goods sold Total Unit Cost Cost $60 $1,020 62 1,054 $2,074 Calculate ending inventory and cost of goods sold for 2024 assuming the company uses FIFO.
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 17 17 34 Date January 1 September 8 Transaction Beginning inventory Purchase Ending inventory Cost of goods sold Total Unit Cost Cost $60 $1,020 62 1,054 $2,074 Calculate ending inventory and cost of goods sold for 2024 assuming the company uses FIFO.
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