During 2024, a company sells 270 units of inventory for $94 each. The company has the following inventory purchase transactions for 2024: Date January 1 May 5 November 3 Transaction Beginning inventory Purchase Purchase Ending inventory Cost of goods sold Number of Units Unit Cost Total Cost 65 164 189 418 $61 62 64 $3,965 10,168 12,096 $26,229 Calculate ending inventory and cost of goods sold for 2024 assuming the company uses FIFO.
During 2024, a company sells 270 units of inventory for $94 each. The company has the following inventory purchase transactions for 2024: Date January 1 May 5 November 3 Transaction Beginning inventory Purchase Purchase Ending inventory Cost of goods sold Number of Units Unit Cost Total Cost 65 164 189 418 $61 62 64 $3,965 10,168 12,096 $26,229 Calculate ending inventory and cost of goods sold for 2024 assuming the company uses FIFO.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:During 2024, a company sells 270 units of inventory for $94 each. The company has the following inventory purchase transactions for
2024:
Date
January 1
May 5
November 3
Transaction
Beginning inventory
Purchase
Purchase
Ending inventory
Cost of goods sold
Number of
Units Unit Cost Total Cost
65
164
189
418
$61
62
64
$3,965
10,168
12,096
$26,229
Calculate ending inventory and cost of goods sold for 2024 assuming the company uses FIFO.
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