### Create an Account

Home / Questions / During 2015, a company sells 400 units of inventory for \$85 each

# 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).

Feb 01 2020 View more View Less