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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.

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 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.
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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