Vinnie Has a Small Retail Store and Sells One Product

question 56

Essay

Vinnie has a small retail store and sells one product.His beginning inventory consisted of 1,000 products at $4 each for a total of $4,000.During the year, Vinnie made the following purchases of the product:March 1 5,000 products at $5 each = $25,000August 1 1,000 products at $6 each = $6,000​Vinnie uses the LIFO method of inventory valuation and he sells 5,000 products during the current year.
a.Calculate the total cost of goods available for sale.
b.Calculate the cost of the ending inventory.
c.Calculate the cost of goods sold.

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Definitions:

Acetyl CoA

A central molecule in metabolism that conveys the carbon atoms within the acetyl group to the tricarboxylic acid cycle to be oxidized for energy production.

NADH

Nicotinamide adenine dinucleotide (reduced form), a coenzyme involved in cellular respiration and energy production within cells.

Carbon Dioxide

This gas, which doesn't have color or smell, comes from the burning of organic and carbon materials and from breathing. It's found naturally in the air and is essential for the photosynthesis process in plants.

Glycolysis

A metabolic pathway in the cytoplasm of cells that breaks down glucose into pyruvate, generating energy.