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During 2021, a company sells 310 units of inventory for $89 each. The company has the following inventory purchase transactions for 2021: During 2021, a
During 2021, a company sells 310 units of inventory for $89 each. The company has the following inventory purchase transactions for 2021:
During 2021, a company sells 310 units of inventory for $89 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 65 169 185 419 Unit Cost Total Cost $67 $ 4,355 68 11, 492 70 12,950 $28,797 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO. Ending inventory Cost of goods sold During 2021, a company sells 371 units of inventory for $89 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 62 170 181 413 Unit Cost Total Cost $67 $ 4,154 69 11,730 72 13,032 $28,916 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO. Ending inventory Cost of goods sold During 2021, a company sells 490 units of inventory for $92 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 70 262 189 521 Unit Cost $76 77 79 Total Cost $ 5,320 20,174 14,931 $40,425 Calculate cost of goods sold and ending inventory for 2021 assuming the company uses the weighted- average cost method. (Round weighted-average unit cost to 4 decimal places. Round your final answers to the nearest dollar amount.) Cost of goods sold Ending inventory Step by Step Solution
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