Question
A company's has the following data regarding its inventory for the year. Sales 21,000 units @ $50 Inventory, January 1 6,000 units @ 20 Purchases
A company's has the following data regarding its inventory for the year.
| Sales | 21,000 | units @ | $50 |
| Inventory, January 1 | 6,000 | units @ | 20 |
| Purchases | 6,000 | units @ | 22 |
| 10,000 | units @ | 25 | |
| 7,000 | units @ | 30 | |
| Inventory, December 31 | 8,000 | units |
The 21,000 units sold were sold equally from all inventory layers. That is, 5,250 units from beginning inventory and 5,250 units from each of the purchases during the year.
Determine the following:
- COGS for the year
- Ending inventory at December 31
- What is the name of the inventory costing method that you just performed to get the answers for #1 and #2?
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Fraud Analytics Strategies And Methods For Detection And Prevention
Authors: Delena D. Spann
1st Edition
111823068X, 978-1118230688
