Ending inventory Cost of goods sold
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]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffbd2edfa-ebf7-4438-babc-36cc5ae93bbd%2Ff53a3c8c-6814-433c-8d3e-e54abcd5fc6a%2F2dvt9pm_processed.jpeg&w=3840&q=75)
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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