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During 2015, a company sells 375 units of inventory for $88 each. The company has the following inventory purchase transactions for 2015: Date Transaction Number
During 2015, a company sells 375 units of inventory for $88 each. The company has the following inventory purchase transactions for 2015:
Date | Transaction | Number of Units | Unit Cost | Total Cost | ||||||
Jan. 1 | Beginning inventory | 68 | $ | 67 | $ | 4,556 | ||||
May 5 | Purchase | 170 | 69 | 11,730 | ||||||
Nov. 3 | Purchase | 182 | 72 | 13,104 | ||||||
420 | $ | 29,390 | ||||||||
Calculate ending inventory and cost of goods sold for 2015 assuming the company uses LIFO with a periodic inventory system. (Omit the "$" sign in your response.) |
Ending inventory | $ |
Cost of goods sold | $ |
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