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During 2021, a company sells 320 units of inventory for $94 each. The company has the following inventory purchase transactions for 2021: Date Transaction Jan. 1 Beginning inventory May 5 Purchase Nov. 3 Purchase. Number of Units 66 165 186 417 Ending inventory Cost of goods sold (not asking for number of units, asking for total dollar amount) Unit Cost $68 69 71 Total Cont $ 4,488 11,385 13,206 $29,079 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO.

During 2021, a company sells 320 units of inventory for $94 each. The company has the following inventory purchase transactions for 2021: Date Transaction Jan. 1 Beginning inventory May 5 Purchase Nov. 3 Purchase. Number of Units 66 165 186 417 Ending inventory Cost of goods sold (not asking for number of units, asking for total dollar amount) Unit Cost $68 69 71 Total Cont $ 4,488 11,385 13,206 $29,079 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...
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During 2021, a company sells 320 units of inventory for $94 each. The company has the following inventory purchase transactions for 2021: Date Transaction Jan. 1 Beginning inventory May 5 Purchase Nov. 3 Purchase. Number of Units 66 165 186 417 Ending inventory Cost of goods sold (not asking for number of units, asking for total dollar amount) Unit Cost $68 69 71 Total Cost $ 4,488 11,385 13,206 $29,079 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO.
Transcribed Image Text:During 2021, a company sells 320 units of inventory for $94 each. The company has the following inventory purchase transactions for 2021: Date Transaction Jan. 1 Beginning inventory May 5 Purchase Nov. 3 Purchase. Number of Units 66 165 186 417 Ending inventory Cost of goods sold (not asking for number of units, asking for total dollar amount) Unit Cost $68 69 71 Total Cost $ 4,488 11,385 13,206 $29,079 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO.
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