Home / Questions / During 2015 a company sells 20 units of inventory The company has the following
During 2015, a company sells 20 units of inventory. The company has the following inventory purchase transactions for 2015:
|
|
Date |
|
Transaction |
|
Number of Units |
|
Unit Cost |
|
Total Cost |
|
|
|
Jan. 1 |
|
Beginning inventory |
|
15 |
|
$60 |
|
$ 900 |
|
|
|
Sep. 8 |
|
Purchase |
|
10 |
|
62 |
|
620 |
|
|
|
|
|
|
|
25 |
|
|
|
$1,520 |
|
Calculate ending inventory and cost of goods sold for 2015 assuming the company uses weighted-average cost with a periodic inventory system.
142. During 2015, a company sells 300 units of inventory for $85 each. The company has the following inventory purchase transactions for 2015:
|
|
Date |
|
Transaction |
|
Number of Units |
|
Unit Cost |
|
Total Cost |
|
|
|
Jan. 1 |
|
Beginning inventory |
|
60 |
|
$71 |
|
$ 4,260 |
|
|
|
May 5 |
|
Purchase |
|
170 |
|
72 |
|
12,240 |
|
|
|
Nov. 3 |
|
Purchase |
|
180 |
|
74 |
|
13,320 |
|
|
|
|
|
|
|
410 |
|
|
|
$29,820 |
|
Calculate ending inventory and cost of goods sold for 2015 assuming the company uses FIFO with a periodic inventory system.
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