Question

During 2018, a company sells 350 units of inventory for $90 each. The company has the following inventory purchase transactions for 2018 Number of Units Date Transaction Beginning Unit Cost $ 61 62 Jan. 1 inventory 70 Total Cost $ 4270 10,230 12,032 May 5 Purchase Nov. 3 Purchase 165 188 64 423 $26,532 Calculate ending inventory and cost of goods sold for 2018 assuming the company uses FIFO with a periodic inventory system. Ending inventory Cost of goods sold

Answer 1

Calculation of ending inventory & cost of goods sold
	goods available for sale			cost of goods sold			Ending inventory
	unit	cost	cost of goods for sale	unit sold	cost	Cost of goods sold	unit	cost	ending inventory
Beginning inventory	70	61	4270	70	61	4270	0	61	-
purchase: may 5	165	62	10230	165	62	10230	0	62	-
purchase: nov 3	188	64	12032	115	64	7360	73	64	4672
Total	423		26532	350		21860	73		4672
ending inventory	4672
cost of goods sold	21860

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