Required information {The following information applies to the questions displayed below.) Trends by Tiffany sells...
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Required information {The following information applies to the questions displayed below.) Trends by Tiffany sells high-end leather purses. The company has the following inventory transactions for the year Transactions Units Unit Cost Total Cost Jan. 1 Beginning inventory 11 $390 $ 4,290 Apr. 9 Purchase 19 410 7,790 Oct. 4 Purchase 17 440 7,488 47 $19,560 Jan. 1-Dec. 31 Sales Date 41 Because trends in purses change frequently, Trends by Tiffany estimates that the remaining six purses have a net realizable value at December 31 of only $240 each. equired: -Using FIFO, calculate ending Inventory and cost of goods sold, Ending inventory Cost of goods sold
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