Answer:
Intercontinental Inc.
The amount of ending inventory is = $16,380
The cost of goods sold is = $37,810
Explanation:
a) Data and Calculations:
Units Unit Cost Total Cost
Inventory, December 31, Year 1 1,830 $ 6 $10,980
For Year 2: Purchase, March 21, Year 2 6,200 $ 5 31,000
Purchase, August 1, Year 2 4,070 $ 3 12,210
Total cost of inventory 12,100 $54,190
Inventory, December 31, Year 2 2,910 16,380
Cost of units sold 9,190 $37,810
Cost of ending inventory, 2,910
= 1,830 at $6 = $10,980
1,080 at $5 = 5,400
2,910 = $16,380
Cost of goods sold = Cost of inventory available minus the cost of ending inventory
= $54,190 - $16,380
= $37,810
