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During 2015 a company sells 400 units of inventory for $85 each

During 2015, a company sells 400 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

 

$70

 

$  4,200

 

 

May 5

 

Purchase

 

180

 

  72

 

12,960

 

 

Nov. 3

 

Purchase

 

190

 

  75

 

14,250

 

 

 

 

 

 

430

 

 

 

$31,410

 


Calculate ending inventory and cost of goods sold for 2015 assuming the company uses LIFO with a periodic inventory system.

 

 

144. During 2015, a company sells 500 units of inventory for $90 each. The company has the following inventory purchase transactions for 2015:

 

Date

 

Transaction

 

Number

of Units

 

Unit

Cost

 

Total

Cost

 

 

Jan. 1

 

Beginning inventory

 

80

 

$79

 

$  6,320

 

 

May 5

 

Purchase

 

270

 

  80

 

21,600

 

 

Nov. 3

 

Purchase

 

190

 

  82

 

15,580

 

 

 

 

 

 

540

 

 

 

$43,500

 


Calculate cost of goods sold and ending inventory for 2015 assuming the company uses weighted-average cost with a periodic inventory system (round weighted-average unit cost to four decimals if necessary).

Jan 27 2020 View more View Less

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