Question
During 2021, a company sells 379 units of inventory for $88 each. The company has the...
During 2021, a company sells 379 units of inventory for $88
each. The company has the following inventory purchase transactions
for 2021:
| Date | Transaction | Number of Units |
Unit Cost |
Total Cost | |||||||||
| Jan. | 1 | Beginning inventory | 60 | $ | 68 | $ | 4,080 | ||||||
| May | 5 | Purchase | 163 | 70 | 11,410 | ||||||||
| Nov. | 3 | Purchase | 186 | 73 | 13,578 | ||||||||
| 409 | $ | 29,068 | |||||||||||
Calculate ending inventory and cost of goods sold for 2021 assuming
the company uses LIFO.
Homework Answers
Answer #1
Not the answer you're looking for?
Similar Questions
During 2021, a company sells 373 units of inventory for $88 each. The company has the...
During 2021, a company sells 373 units of inventory for $88
each. The company has the following inventory purchase transactions
for 2021:
Date
Transaction
Number
of Units
Unit
Cost
Total Cost
Jan.
1
Beginning inventory
66
$
62
$
4,092
May
5
Purchase
160
64
10,240
Nov.
3
Purchase
183
67
12,261
409
$
26,593
Calculate ending inventory and cost of goods sold for 2021 assuming
the company uses LIFO.
During 2020, a company sells 377 units of inventory for $92 each. The company has the...
During 2020, a company sells 377 units of inventory for $92
each. The company has the following inventory purchase transactions
for 2020:
Date
Transaction
Number
of Units
Unit
Cost
Total Cost
Jan.
1
Beginning inventory
65
$
68
$
4,420
May
5
Purchase
170
70
11,900
Nov.
3
Purchase
187
73
13,651
422
$
29,971
Calculate ending inventory and cost of goods sold for 2020
assuming the company uses LIFO.
Ending inventory
Cost of goods sold
During the year, Trombley Incorporated has the following inventory transactions. Date Transaction Number of Units Unit...
During the year, Trombley Incorporated has the following
inventory transactions.
Date
Transaction
Number
of Units
Unit
Cost
Total Cost
Jan.
1
Beginning inventory
19
$
21
$
399
Mar.
4
Purchase
24
20
480
Jun.
9
Purchase
29
19
551
Nov.
11
Purchase
29
17
493
101
$
1,923
For the entire year, the company sells 80 units of inventory for
$29 each.
2. Using LIFO, calculate ending inventory, cost
of goods sold, sales revenue, and gross profit
Kam Company has the following units and costs: Units Unit Cost Inventory, Jan. 1 8,000 $11...
Kam Company has the following units and costs:
Units
Unit Cost
Inventory, Jan. 1
8,000
$11
Purchase, June 19
13,000
12
Purchase, Nov. 8
5,000
13
If 9,000 units are on hand at December 31, what is the cost of the
ending inventory under LIFO using a periodic inventory system?
A company sells 1,900 units during the year. In addition, the company uses a periodic inventory system,...
A company sells 1,900 units during the year. In
addition, the company uses a periodic inventory system, has a
beginning inventory of 600 units that were purchased at $10 per
unit, and has the following purchases and sales. What is
the company's cost of goods sold if it uses the LIFO method?
Date Units purchased Cost per unit
January 1,000 $11
May 900 $12
October 700 $14
The Boxwood Company sells blankets for $37 each. The following was taken from the inventory records...
The Boxwood Company sells blankets for $37 each. The following
was taken from the inventory records during May. The company had no
beginning inventory on May 1.
Date
Blankets
Units
Cost
May 3
Purchase
8
$14
10
Sale
5
17
Purchase
14
$14
20
Sale
5
23
Sale
2
30
Purchase
12
$18
Assuming that the company uses the perpetual inventory system,
determine the ending inventory for the month of May using the LIFO
inventory cost method.
a.$168
b.$356
c.$524...
The Boxwood Company sells blankets for $33 each. The following was taken from the inventory records...
The Boxwood Company sells blankets for $33 each. The following
was taken from the inventory records during May. The company had no
beginning inventory on May 1.
Date
Blankets
Units
Cost
May 3
Purchase
9
$20
10
Sale
4
17
Purchase
13
$17
20
Sale
4
23
Sale
3
30
Purchase
8
$20
Assuming that the company uses the perpetual inventory system,
determine the ending inventory for the month of May using the LIFO
inventory cost method.
a.$561
b.$362
c.$440...
The Boxwood Company sells blankets for $31.00 each. The following was taken from the inventory records...
The Boxwood Company sells blankets for $31.00 each. The
following was taken from the inventory records during May. The
company had no beginning inventory on May 1.
Date
Blankets
Units
Cost
May 03
Purchase
7
$19.00
May 10
Sale
3
May 17
Purchase
11
$16.00
May 20
Sale
5
May 23
Sale
2
May 30
Purchase
12
$21.00
Assuming that the company uses the perpetual inventory system,
determine the ending inventory for the month of May using the LIFO
inventory...
Boxwood Company sells blankets for $31 each. The following was taken from the inventory records during...
Boxwood Company sells blankets for $31 each. The following was
taken from the inventory records during May. The company
had no beginning inventory on May 1.
Date
Blankets
Units
Cost
May 03
Purchase
7
$27
10
Sale
5
17
Purchase
9
$29
20
Sale
4
23
Sale
3
30
Purchase
11
$31
Assuming that the company uses the perpetual inventory system,
determine the cost of merchandise sold for the sale of May 20 using
the LIFO inventory cost method.
a.$87
b.$341...
melbourne company uses the perpetual inventory method. melbourne putchased 900 units of inventory that cost $5.00...
melbourne company uses the perpetual inventory method. melbourne
putchased 900 units of inventory that cost $5.00 each. at a later
date the company purchased an additional 1,000 units of inventory
that cost $5.50 each. if melbourne uses a lifo cost flow method,
and sells 1,200 units of inventory, the amount of ending inventory
appearing on the balance sheet will be:
ADVERTISEMENT
Need Online Homework Help?
Get Answers For Free
Most questions answered within 1 hours.
ADVERTISEMENT
Active Questions
asked 5 minutes ago
asked 25 minutes ago
asked 29 minutes ago
asked 32 minutes ago
asked 35 minutes ago
asked 39 minutes ago
asked 49 minutes ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago