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Calculate ending inventory and cost of goods sold
Course:- Accounting Basics
Reference No.:- EM131567752




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Problem -

During 2018, a company sells 25 units of inventory. The company has the following inventory purchase transactions for 2018:

Date

Transaction

Number of units

Unit Cost

Total Cost

Jan. 1

Beginning inventory

14

$52

$728

Sep. 8

Purchase

15

54

810

 

 

29

 

$1,538

Required - Calculate ending inventory and cost of goods sold for 2018 assuming the company uses FIFO with a periodic inventory system.




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