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Ending inventory Cost of goods sold

Ending inventory Cost of goods sold

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 2021, a company sells 19 units of inventory. The company has the following inventory purchase transactions for 2021: | Date | Transaction | Number of Units | Unit Cost | Total Cost | |----------|----------------------|-----------------|-----------|------------| | Jan. 1 | Beginning inventory | 17 | $53 | $901 | | Sep. 8 | Purchase | 15 | $55 | $825 | | | | 32 | | $1,726 | Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO. Ending inventory: [Textbox for input] Cost of goods sold: [Textbox for input]
Transcribed Image Text:During 2021, a company sells 19 units of inventory. The company has the following inventory purchase transactions for 2021: | Date | Transaction | Number of Units | Unit Cost | Total Cost | |----------|----------------------|-----------------|-----------|------------| | Jan. 1 | Beginning inventory | 17 | $53 | $901 | | Sep. 8 | Purchase | 15 | $55 | $825 | | | | 32 | | $1,726 | Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO. Ending inventory: [Textbox for input] Cost of goods sold: [Textbox for input]
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