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During 2021, a company sells 20 units of inventory. The company has the following inventory purchase transactions for 2021. Date Transaction Jan. 1 Beginning inventory Sep. 8 Purchase Number of Units 15 10 25 Ending inventory Cost of goods sold Unit Cost $ 60 62 Total Cost $.900 620 $1,520 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO.

During 2021, a company sells 20 units of inventory. The company has the following inventory purchase transactions for 2021. Date Transaction Jan. 1 Beginning inventory Sep. 8 Purchase Number of Units 15 10 25 Ending inventory Cost of goods sold Unit Cost $ 60 62 Total Cost $.900 620 $1,520 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO.

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 20 units of inventory. The company has the following inventory purchase transactions for 2021 Date Transaction Jan. 1 Beginning inventory Sep. 8 Purchase Number of Ending inventory Cost of goods sold Units Unit Cost $ 60 62 15 10 25 Total Cost $.900 620 $1,520 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO.
Transcribed Image Text:During 2021, a company sells 20 units of inventory. The company has the following inventory purchase transactions for 2021 Date Transaction Jan. 1 Beginning inventory Sep. 8 Purchase Number of Ending inventory Cost of goods sold Units Unit Cost $ 60 62 15 10 25 Total Cost $.900 620 $1,520 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO.
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