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

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
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.

Ask a Question
ADVERTISEMENT