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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).
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