Question
During 2024, a company sells 340 units of inventory for $95 each. The company has the following inventory purchase transactions for 2024: Date Transaction Number
During 2024, a company sells 340 units of inventory for $95 each. The company has the following inventory purchase transactions for 2024:
| Date | Transaction | Number of Units | Unit Cost | Total Cost |
|---|---|---|---|---|
| January 1 | Beginning inventory | 67 | $67 | $4,489 |
| May 5 | Purchase | 160 | 68 | 10,880 |
| November 3 | Purchase | 187 | 70 | 13,090 |
| 414 | $28,459 |
Calculate ending inventory and cost of goods sold for 2024 assuming the company uses FIFO.
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Intermediate Accounting Volume 2
Authors: Thomas H. Beechy, Joan E. Conrod, Elizabeth Farrell, Ingrid McLeod-Dick, Kayla Tomulka, Romi-Lee Sevel
8th Edition
1260881245, 9781260881240
