During 2024, a company sells 200 units of inventory for $55 each. The company has the following inventory purchase transactions for 2024: Date January 1 May 5 November 3 Transaction Beginning inventory Purchase Purchase Cost of goods sold Ending inventory Number of Units 51 102 79 232 Unit Cost Total Cost $41 40 39 $2,091 4,080 3,081 $9,252 Actual sales by the company include its entire beginning inventory, 82 units of inventory from the May 5 purchase, and 67 units from the November 3 purchase. Calculate cost of goods sold and ending inventory for 2024 assuming the company uses specific identification.

During 2024, a company sells 200 units of inventory for $55 each. The company has the following inventory purchase transactions for 2024: Date January 1 May 5 November 3 Transaction Beginning inventory Purchase Purchase Cost of goods sold Ending inventory Number of Units 51 102 79 232 Unit Cost Total Cost $41 40 39 $2,091 4,080 3,081 $9,252 Actual sales by the company include its entire beginning inventory, 82 units of inventory from the May 5 purchase, and 67 units from the November 3 purchase. Calculate cost of goods sold and ending inventory for 2024 assuming the company uses specific identification.

Name: Manji During 2024, a company sells 200 units of inventory for $55 each
Uploaded: 2024-03-20T06:32:37.000Z
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Description: Manji During 2024, a company sells 200 units of inventory for $55 each. The company has the following inventory purchase transactionsfor 2024:DateJanuary 1May 5November 3TransactionBeginning inventoryPurchasePurchaseCost of goods soldEnding inventory

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 8P: Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning...

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Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning inventory is 100,000. 2. Purchases returns of 4,000 were made. 3. Purchases of 300,000 were made on terms of 2/10, n/30. Eighty percent of the discounts were taken. 4. At December 31, purchases of 20,000 were in transit, FOB destination, on terms of 2/10, n/30. 5. The company made sales of 640,000. The gross selling price per unit is twice the net cost of each unit sold. 6. Sales allowances of 6,000 were made. 7. The company uses the LIFO periodic method and the gross method for purchase discounts. Required: 1. Compute the cost of the ending inventory before the physical inventory is taken. 2. Compute the amount of the cost of goods sold that came from the purchases of the period and the amount that came from the beginning inventory.
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