Question
During 2021, a company sells 387 units of inventory for $86 each. The company has the following inventory purchase transactions for 2021: Date Transaction Number
During 2021, a company sells 387 units of inventory for $86 each. The company has the following inventory purchase transactions for 2021:
| Date | Transaction | Number of Units | Unit Cost | Total Cost | |||||||||
| Jan. | 1 | Beginning inventory | 64 | $ | 66 | $ | 4,224 | ||||||
| May | 5 | Purchase | 164 | 68 | 11,152 | ||||||||
| Nov. | 3 | Purchase | 183 | 71 | 12,993 | ||||||||
| 411 | $ | 28,369 | |||||||||||
Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO.
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
10th edition
1260481956, 1260310175, 978-1260481952
