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During 2021, a company sells 170 units of inventory for $51 each. The company has the following inventory purchase transactions for 2021: Date Transaction Jan.1
During 2021, a company sells 170 units of inventory for $51 each. The company has the following inventory purchase transactions for 2021: Date Transaction Jan.1 Beginning inventory May 5 Purchase Nov.3 Purchase Number of Units 58 106 76 Unit Cost Total Cost $43 $ 2,494 42 4,452 41 3,116 $10,062 240 Actual sales by the company include its entire beginning inventory, 86 units of inventory from the May 5 purchase, and 26 units from the November 3 purchase. Calculate cost of goods sold and ending inventory for 2021 assuming the company uses specific identification. Cost of goods sold Ending inventory
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