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During 2020, a company sells 377 units of inventory for $92 each. The company has the following inventory purchase transactions for 2020: Date Transaction Number
During 2020, a company sells 377 units of inventory for $92 each. The company has the following inventory purchase transactions for 2020:
Date | Transaction | Number of Units | Unit Cost | Total Cost | |||||||||
Jan. | 1 | Beginning inventory | 65 | $ | 68 | $ | 4,420 | ||||||
May | 5 | Purchase | 170 | 70 | 11,900 | ||||||||
Nov. | 3 | Purchase | 187 | 73 | 13,651 | ||||||||
422 | $ | 29,971 | |||||||||||
Calculate ending inventory and cost of goods sold for 2020 assuming the company uses LIFO.
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