Under Fifo, units available first are sold first. Therefore ending inventory belongs to the last units available.
Ending inventory (422-340) = 82 units = (82 units from Nov 3 purchase @69) |
5,658 |
Cost of Goods Sold = 340 units = (66 units from Jan 1 @66) + (170 units from may 5@67) + (340-66-170 units from Nov 3@69) |
22,922 |
24 During 2021, a company sells 340 units of inventory for $85 each. The company has...
6) During 2021, a company sells 400 units of inventory for $85 each. The company has the following inventory purchase transactions for 2021: Date Transaction Jan. 1 Beginning inventory May 5 Purchase Nov. 3 Purchase Number of Units Unit Cost Total Cost 60 S70 S4.200 1801 721 12.960 1901 7 51 14.250 430 $31.410 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO Calculate ending inventory and cost of goods sold for 2021 assuming...
1a. During 2021, a company sells 270 units of inventory for $94 each. The company has the following inventory purchase transactions for 2021: Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 65 $ 67 $ 4,355 May 5 Purchase 164 68 11,152 Nov. 3 Purchase 186 70 13,020 415 $ 28,527 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO. 1b. A company overstated its ending inventory balance by...
During 2021, a company sells 400 units of inventory for $85 each. The company has the following inventory purchase transactions for 2021: Date Transaction Numberof Units UnitCost TotalCost 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 2021 assuming the company uses LIFO.
During 2021, a company sells 364 units of inventory for $94 each. The company has the following inventory purchase transactions for 2021: Number of Units Date Transaction Jan.1 Beginning inventory May 5 Purchase Nov. 3 Purchase 166 Unit Cost Total Cost $67 $ 4,087 11, 454 13,536 $29,077 69 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO. Ending inventory Cost of goods sold < Prev 16 of 40 Next > MacBook Air
During 2021, a company sells 24 units of inventory. The company has the following inventory purchase transactions for 2021: Date Transaction Jan.1 Beginning inventory Sep.8 Purchase Number Unit of Units Cost $53 55 29 Total Cost $ 742 825 $1,567 15 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO. Ending inventory Cost of goods sold
TB EX Qu. 6-206 During 2021, a company sells... During 2021, a company sells 300 units of inventory for $92 each. The company has the following inventory purchase transactions for 2021 Date Transaction Jan. 1 Beginning inventory May 5 Purchase Nov. 3 Purchase Number of Units 66 169 100 415 Unit Cost 564 65 67 Total Cost $ 4,224 10,985 12,060 $27,269 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO. Ending inventory Cost...
22 During 2021, a company sells 356 units of inventory for $88 each. The company has the following inventory purchase transactions for 2021 Number Unit Date Transaction of Units Cost Total Cost Jan. 1 Beginning inventory 63 566 May 5 Purchase 161 es 10,948 Nov.) Purchase 180 71 12,700 M 8 DO 2224 Calculate ending Inventory and cost of goods sold for 2021 assuming the company uses UFO Ending inventory Cost of goods sold
During 2021, a company sells 160 units of inventory for $55 each. The company has the following inventory purchase transactions for 2021: Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 58 $ 40 $ 2,320 May 5 Purchase 107 39 4,173 Nov. 3 Purchase 75 38 2,850 240 $ 9,343 Actual sales by the company include its entire beginning inventory, 87 units of inventory from the May 5 purchase, and 15 units from the November...
During 2021, a company sells 21 units of inventory. The company has the following inventory purchase transactions for 2021 Number Unit Total Date Jan. 1 Beginning inventory Sep. 8 Purchase Transaction of Units Cost $54 Cost 14 $ 756 840 $1,596 15 56 29 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO Ending inventory Cost of goods sold Next> < Prev 20 of 40 to search DELL
During 2021, a company sells 490 units of inventory for $90 each. The company has the following inventory purchase transactions for 2021: Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 79 $ 70 $ 5,530 May 5 Purchase 264 71 18,744 Nov. 3 Purchase 188 73 13,724 531 $ 37,998 Calculate cost of goods sold and ending inventory for 2021 assuming the company uses the weighted-average cost method. (Round weighted-average unit cost to 4 decimal...