During 2021, a company sells 160 units of inventory for $55 each. The company has...
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During 2021, a company sells 160 units of inventory for $55 each. The company has the following inventory purchase transactions for 2021: Date Transaction Jan. 1 Beginning inventory May 5 Purchase Nov. 3 Purchase Number of Units 60 101 76 237 Unit Cost $40 39 38 Total Cost $2,400 3,939 2,888 $9,227 Actual sales by the company include its entire beginning inventory, 81 units of inventory from the May 5 purchase, and 19 units from the November 3 purchase. Calculate cost of goods sold and ending inventory for 2021 assuming the company uses specific identification. Cost of goods sold Ending inventory 9,227 3,080
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