Question

During 2015, a company sells 375 units of inventory for $88each. The company has the following inventory purchase transactionsfor 2015:

 

Date

Transaction

Number of Units

Unit

Cost

Total Cost

  Jan.1

  Beginning inventory

 

68

 

$

67

 

$

4,556

 

  May5

  Purchase

 

170

 

 

69

 

 

11,730

 

  Nov.3

  Purchase

 

182

 

 

72

 

 

13,104

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

420

 

 

 

 

$

29,390

 

 

 

 

 

 

 

 

 

 

 

 

 

                     

 

Calculate ending inventory and cost of goods sold for 2015assuming the company uses LIFO with a periodic inventory system.(Omit the “$” sign in your response.)

 

  Ending inventory

$

  Costof goods sold

$

 

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