During 2024, a company sells 200 units of inventory for $55 each. The company has the following inventory purchase transactions for 2024: Date January 1 May 5 November 3 Transaction Beginning inventory Purchase Purchase Cost of goods sold Ending inventory Number of Units 51 102 79 232 Unit Cost Total Cost $41 40 39 $2,091 4,080 3,081 $9,252 Actual sales by the company include its entire beginning inventory, 82 units of inventory from the May 5 purchase, and 67 units from the November 3 purchase. Calculate cost of goods sold and ending inventory for 2024 assuming the company uses specific identification.
During 2024, a company sells 200 units of inventory for $55 each. The company has the following inventory purchase transactions for 2024: Date January 1 May 5 November 3 Transaction Beginning inventory Purchase Purchase Cost of goods sold Ending inventory Number of Units 51 102 79 232 Unit Cost Total Cost $41 40 39 $2,091 4,080 3,081 $9,252 Actual sales by the company include its entire beginning inventory, 82 units of inventory from the May 5 purchase, and 67 units from the November 3 purchase. Calculate cost of goods sold and ending inventory for 2024 assuming the company uses specific identification.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:During 2024, a company sells 200 units of inventory for $55 each. The company has the following inventory purchase transactions
for 2024:
Date
January 1
May 5
November 3
Transaction
Beginning inventory
Purchase
Purchase
Cost of goods sold
Ending inventory
Number of
Units
51
102
79
232
Unit Cost Total Cost
$41
40
39
$2,091
4,080
3,081
$9,252
Actual sales by the company include its entire beginning inventory, 82 units of inventory from the May 5 purchase, and 67 units
from the November 3 purchase. Calculate cost of goods sold and ending inventory for 2024 assuming the company uses specific
identification.
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