During 2012, a Company Sells 200 Units of Inventory for $50

question 29

Essay

During 2012, a company sells 200 units of inventory for $50 each. The company has the following inventory purchase transactions for 2012: $\begin{array}{llrrr}&& \text { Number }& \text { Unit } & \text { Total } \\\text { Date } & \text { Transaction } &\text { of Units } &\text { Cost } & \text { Cost } \\\text { Jan. 1 } & \text { Beginning inventory } & 50 & \$ 39 & \$ 1,950 \\\text { May 5 } & \text { Purchase } & 100 & 38 & 3,800 \\\text { Nov. 3 } & \text { Purchase } & 80 & 37 & 2,960\end{array}$ Actual sales by the company include its entire beginning inventory, 80 units of inventory from the May 5 purchase, and 70 units from the November 3 purchase. Calculate cost of goods sold and ending inventory for 2012 assuming the company uses specific identification.

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