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

question 24

Short Answer

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

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Definitions:

Societal Objectives

Goals or aims that benefit society as a whole, often pursued by organizations, governments, or groups seeking to improve quality of life, social welfare, or community development.

Economic

Pertaining to the production, distribution, and consumption of goods and services and the management of money and resources.

Compensation Package

The total combination of salary, benefits, bonuses, and any other forms of remuneration offered to an employee by an employer.

Profit-Sharing Plan

A system whereby an employer pays compensation or benefits to employees, usually on an annual basis, in addition to their regular wage, on the basis of the profits of the company.