Question
Item28 0.42points eBookReferences Item 28 TB EX Qu. 6-204 During 2021, a company sells... During 2021, a company sells 22 units of inventory. The company
Item28
0.42points
eBookReferences
Item 28
TB EX Qu. 6-204 During 2021, a company sells...
During 2021, a company sells 22 units of inventory. The company has the following inventory purchase transactions for 2021:
| Date | Transaction | Number of Units | Unit Cost | Total Cost | |||||||||
| Jan. | 1 | Beginning inventory | 16 | $ | 53 | $ | 848 | ||||||
| Sep. | 8 | Purchase | 11 | 55 | 605 | ||||||||
| 27 | $ | 1,453 | |||||||||||
Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO.
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Auditing and Assurance services an integrated approach
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley
15th edition
978-0133125634, 9780133423815, 133125637, 133423816, 978-0133125689
