143. During 2015, a company sells 400 units of inventory for $85 each. The company has the following inventory purchase transactions for 2015:
Date
Transaction
Number
of Units
Unit
Cost
Total
Jan. 1
Beginning inventory
60
$70
$ 4,200
May 5
Purchase
180
72
12,960
Nov. 3
190
75
14,250
430
$31,410
Calculate ending inventory and cost of goods sold for 2015 assuming the company uses LIFO with a periodic inventory system.
144. During 2015, a company sells 500 units of inventory for $90 each. The company has the following inventory purchase transactions for 2015:
80
$79
$ 6,320
270
21,600
82
15,580
540
$43,500
Calculate cost of goods sold and ending inventory for 2015 assuming the company uses weighted-average cost with a periodic inventory system (round weighted-average unit cost to four decimals if necessary).
Already registered? Login
Not Account? Sign up
Enter your email address to reset your password
Back to Login? Click here