During 2012,a Company Sells 400 Units of Inventory for $85

question 145

Short Answer

During 2012,a company sells 400 units of inventory for $85 each.The company has the following inventory purchase transactions for 2012:
$$\begin{array} { l l c c c } \text { Date } &{ \text { Transaction } } & \begin{array} { c } \text { Number } \\\text { of Units }\end{array} & \begin{array} { r } \text { Unit } \\\text { Cost }\end{array} & \begin{array} { c } \text { Total } \\\text { Cost }\end{array} \\\text { Jan. 1 } & \text { Beginning inventory } & 60 & \$ 70 & \$ 4,200 \\\text { May 5 } & \text { Purchase } & 180 & 72 & 12,960 \\\text { Nov. 3 } & \text { Purchase } & 190 & 75 & 14,250 \\\hline& & 430 & & \$ 31,410 \\\hline\end{array}$$
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:

Teammates

Individuals who are part of the same team, working together towards a common goal or participating in the same activity.

Coercive

Relating to or using force or threats to persuade someone to do something or to achieve compliance.

Deduct

To subtract or take away an amount or part from a total.

Salary

Regular payment made by an employer to an employee, usually monthly or biweekly, for their professional services.