Hempstead Company has the following data for 2019: Item Units Cost Inventory, 12/31/2018 990   $10,890   Purchases 4,510   49,610   Inventory, 12/31/2019 720   8,040   Required: 1.  How many units were sold?  ________1 units 2.  Using the cost of goods sold model, determine the cost of goods sold.

Principles of Accounting Volume 1
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Author:OpenStax
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Chapter10: Inventory
Section: Chapter Questions
Problem 13PB: Company Edgar reported the following cost of goods sold but later realized that an error had been...
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Applying the Cost of Goods Sold Model

Hempstead Company has the following data for 2019:

Item Units Cost
Inventory, 12/31/2018 990   $10,890  
Purchases 4,510   49,610  
Inventory, 12/31/2019 720   8,040  

Required:

1.  How many units were sold?
 ________1 units

2.  Using the cost of goods sold model, determine the cost of goods sold.
$ ___________

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