A company had inventory on November 1 of 5 units at a cost of $21 each....

Question

Question

A company had inventory on November 1 of 5 units at a cost of $21 each. On November 2, they purchased 11 units at $23 each. O

Answer 1

Answer #1

Date	Particulars	Units	Unit price	Total Cost
Nov-01	Beginnng Inventory	5	21	$ 105
Nov-02	Purchases	11	23	$ 253
Nov-07	Purchases	7	26	$ 182
	Goods available for sale	23		$ 540
	COGS = 726+3*23 =			$ 251
	Value of inventory on Nov 8 after sale = 540-251 =			$ 289

Answer 2

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