During 2012,a Company Sells 20 Units of Inventory Calculate Ending Inventory and Cost of Goods Sold for 2012

question 78

Short Answer

During 2012,a company sells 20 units of inventory.The company has the following inventory purchase transactions for 2012:
$$\begin{array} { l l c r r } \text { Date } & { \begin{array} { c } \text { Transaction }\end{array} } & \begin{array} { c } \text { Number } \\\text { of Units }\end{array} & \begin{array} { r } \text { Unit } \\\text { Cost }\end{array} & \begin{array} { r } \text { Total } \\\text { Cost }\end{array} \\\text { Jan. } 1 & \text { Beginning inventory } & 15 & \$ 60 & \$ 900 \\\text { Sep. } 8 & \text { Purchase } & 10 & 62 & 620 \\\hline& & 25 & & \$ 1,520 \\\hline\end{array}$$
Calculate ending inventory and cost of goods sold for 2012 assuming the company uses FIFO with a periodic inventory system.

---

Definitions:

Technologically Progressive

Characterized by innovative application of knowledge and technology to improve products, services, or processes.

Nondiscriminating

Nondiscriminating, in economic terms, often refers to pricing or marketing policies that do not vary between different consumers or groups, treating all participants equally.

Pure Monopolist

A market scenario where a single seller controls the entire supply of a product or service, with no close substitutes available to consumers.

Productively Efficient

This refers to a situation where a firm produces goods at the lowest possible cost.