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During 2024, a company sells 20 units of inventory. The company has the following inventory purchase transactions for 2024: Date Transaction Number of Units Unit Cost Total Cost January 1 Beginning inventory 14 $52 $728 September 8 Purchase 16 54 864 30 $1,592 Calculate ending inventory and cost of goods sold for 2024 assuming the company uses FIFO. Ending inventory: _______ Costs of goods sold: _______

During 2024, a company sells 20 units of inventory. The company has the following inventory purchase transactions for 2024: Date Transaction Number of Units Unit Cost Total Cost January 1 Beginning inventory 14 $52 $728 September 8 Purchase 16 54 864 30 $1,592 Calculate ending inventory and cost of goods sold for 2024 assuming the company uses FIFO. Ending inventory: _______ Costs of goods sold: _______

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
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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During 2024, a company sells 20 units of inventory. The company has the following inventory purchase transactions for 2024: Date Transaction Number of Units Unit Cost Total Cost January 1 Beginning inventory 14 $52 $728 September 8 Purchase 16 54 864 30 $1,592 Calculate ending inventory and cost of goods sold for 2024 assuming the company uses FIFO.

Ending inventory: _______

Costs of goods sold: _______ 

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