During 2021, a company sells 20 units of inventory. The company has the following inventory purchase transactions for 2021:DateTransactionNumber of UnitsUnit CostTotal CostJan. 1Beginning inventory15$60$900Sep. 8Purchase1062 620??25?$1,520Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO.
What will be an ideal response?
Ending inventory = $300; Cost of goods sold = $1,220
Ending inventory:
| Date | Transaction | Number of Units | Unit Cost | Ending Inventory |
| Sep. 8 | Purchase | 5 | $60 | $300 |
Cost of goods sold:
| Date | Transaction | Number of Units | Unit Cost | Cost of Goods Sold |
| Jan. 1 | Beginning inventory | 10 | $60 | $600 |
| Sep. 8 | Purchase | 10 | 62 | 620 |
| ? | ? | 20 | ? | $1,220 |
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