During 2021, a company sells 460 units of inventory for $87 each. The company has the following inventory purchase transactions for 2021: Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 77 $ 76 $ 5,852 May 5 Purchase 265 77 20,405 Nov. 3 Purchase 187 79 14,773
During 2021, a company sells 460 units of inventory for $87 each. The company has the following inventory purchase transactions for 2021: Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 77 $ 76 $ 5,852 May 5 Purchase 265 77 20,405 Nov. 3 Purchase 187 79 14,773
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 8P: Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning...
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During 2021, a company sells 460 units of inventory for $87 each. The company has the following inventory purchase transactions for 2021:
Date | Transaction | Number of Units |
Unit Cost |
Total Cost | |||||||||
Jan. | 1 | Beginning inventory | 77 | $ | 76 | $ | 5,852 | ||||||
May | 5 | Purchase | 265 | 77 | 20,405 | ||||||||
Nov. | 3 | Purchase | 187 | 79 | 14,773 | ||||||||
529 | $ | 41,030 | |||||||||||
Calculate cost of goods sold and ending inventory for 2021 assuming the company uses the weighted-average cost method. (Round weighted-average unit cost to 4 decimal places. Round your final answers to the nearest dollar amount.)
Cost of goods sold: ______
Ending Inventory: _________
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