Question
During 2021 a company sells 374 units of inventory for $95 each. The company has the following inventory purchase transactions for 2021: date transaction #
During 2021 a company sells 374 units of inventory for $95 each. The company has the following inventory purchase transactions for 2021:
| date | transaction | # of units | Unit cost | Total cost |
| Jan 1 | beginning inventory | 67 | 63 | 4221 |
| May 5 | purchase | 169 | 65 | 10985 |
| Nov 3 | Purchase | 185 | 68 | 12580 |
| Totals --> | 421 | 27786 |
Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO
| Ending inventory | $ |
| Cost of Goods Sold | $ |
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College Accounting Chapters 1-30
Authors: John Price, M. David Haddock, Michael Farina
14th edition
978-1259284861, 1259284867, 77862392, 978-0077862398
