During 2021, a company sells 300 units of inventory for $87 each. The company has...
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During 2021, a company sells 300 units of inventory for $87 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 66 167 185 418 $64 Unit Cont Total Cost $ 4,224 65 10,855 67 12,395 $27,474 Calculate ending Inventory and cost of goods sold for 2021 assuming the company uses FIFO. Ending inventory Cost of goods sold A company begins the year with inventory of $43,000 and ends the year with inventory of $58,000. During the year, the following amounts are recorded: Purchases Purchase returns Purchase discounts Freight-in $260,000 26,000 15,000 40,000 Calculate cost of goods sold for the year. Cost of goods sold
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