Question: During 2015, a company sells 320 units of inventory for $92 each. The company has the following inventory purchase transactions for 2015:
Ending Inventory=
Costs of goods sold=
Calculate ending inventory and cost of goods sold for 2015 assuming the company uses FIFO with a periodic inventory system
| Date |
Transaction |
Number of
Units |
Unit
Cost |
Total
Cost |
| Jan. 1 |
Beginning inventory |
65 |
$69 |
$4,485 |
| May 5 |
Purchase |
160 |
70 |
11,200 |
| Nov. 3 |
Purchase |
184 |
72 |
13,248 |
|
|
409 |
|
$28,933 |