Question
During 2021, a company sells 379 units of inventory for $88 each. The company has the following inventory purchase transactions for 2021: Date Transaction Number
During 2021, a company sells 379 units of inventory for $88 each. The company has the following inventory purchase transactions for 2021:
| Date | Transaction | Number of Units | Unit Cost | Total Cost | |||||||||
| Jan. | 1 | Beginning inventory | 60 | $ | 68 | $ | 4,080 | ||||||
| May | 5 | Purchase | 163 | 70 | 11,410 | ||||||||
| Nov. | 3 | Purchase | 186 | 73 | 13,578 | ||||||||
| 409 | $ | 29,068 | |||||||||||
Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO.
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Managerial Accounting
Authors: Ray Garrison, Eric Noreen, Peter Brewer
15th edition
978-0077522940
