Home / Questions / During 2015, a company sells 200 units of inventory for $50 each The company has
During 2015, a company sells 200 units of inventory for $50 each. The company has the following inventory purchase transactions for 2015:
|
|
Date |
|
Transaction |
|
Number of Units |
|
Unit Cost |
|
Total Cost |
|
|
|
Jan. 1 |
|
Beginning inventory |
|
50 |
|
$39 |
|
$ 1,950 |
|
|
|
May 5 |
|
Purchase |
|
100 |
|
38 |
|
3,800 |
|
|
|
Nov. 3 |
|
Purchase |
|
80 |
|
37 |
|
2,960 |
|
|
|
|
|
|
|
230 |
|
|
|
$8,710 |
|
Actual sales by the company include its entire beginning inventory, 80 units of inventory from the May 5 purchase, and 70 units from the November 3 purchase. Calculate cost of goods sold and ending inventory for 2015 assuming the company uses specific identification.
146. For each item below, indicate whether FIFO or LIFO will generally result in a higher reported amount when inventory costs are rising versus falling.
|
Inventory Costs |
Higher Total Assets |
Higher Cost of Goods Sold |
Higher Net Income |
|
Rising |
|
|
|
|
Falling |
|
|
|
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