Required:1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system.FIFOBeginning InventoryPurchases:January 10January 18TotalCost of Goods Available for Sale Cost of Goods Sold - Periodic FIFOCost ofGoodsAvailable forSale56,000Number Cost perof unitsunit8,000 $7.00 $6,000$ 8.008,000 $9.0022,00048,00072,000$ 176,000Number ofunits sold0Cost perunit$$$7.008.009.00Cost ofGoods Sold$$0OO0Ending Inventory - Periodic FIFONumber ofunits inendinginventory0Cost perunit$$$EndingInventory7.00 $8.009.00FA$0000 Required information[The following information applies to the questions displayed below.]A company began January with 8,000 units of its principal product. The cost of each unit is $7. Inventory transactions forthe month of January are as follows:*Date of PurchaseJanuary 10January 18TotalsSalesUnitsDate of SaleJanuary 5January 12January 20Total6,0008,00014,000Includes purchase price and cost of freight.UnitsPurchasesUnit Cost*4,0002,0005,00011,000$8911,000 units were on hand at the end of the month.Total Cost$ 48,00072,000$ 120,000

The inventory can be valued using various methods as FIFO, LIFO and average method. Using FIFO, the…

1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. FIFO Beginning Inventory Purchases: January 10 January 18 Total Cost of Goods Available for Sale Cost of Goods Available for Sale 56,000 Number Cost per of units unit 8,000 $7.00 6,000 $8.00 8,000 $9.00 22,000 $ $ 48,000 72,000 176,000 Cost of Goods Sold - Periodic FIFO Number of units sold 0 Cost per unit $ $ $ 7.00 8.00 9.00 Cost of Goods Sold $ $ 0 0 0 0 Ending Inventory - Periodic FIFO Number of units in ending inventory 0 Cost per unit $ $ $ Ending Inventory 7.00 $ 8.00 9.00 $ 0 0 0 0

1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. FIFO Beginning Inventory Purchases: January 10 January 18 Total Cost of Goods Available for Sale Cost of Goods Available for Sale 56,000 Number Cost per of units unit 8,000 $7.00 6,000 $8.00 8,000 $9.00 22,000 $ $ 48,000 72,000 176,000 Cost of Goods Sold - Periodic FIFO Number of units sold 0 Cost per unit $ $ $ 7.00 8.00 9.00 Cost of Goods Sold $ $ 0 0 0 0 Ending Inventory - Periodic FIFO Number of units in ending inventory 0 Cost per unit $ $ $ Ending Inventory 7.00 $ 8.00 9.00 $ 0 0 0 0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required information [The following information applies to the questions displayed below.] A company began January with 8,000 units of its principal product. The cost of each unit is $7. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Sales Units Date of Sale January 5 January 12 January 20 Total 6,000 8,000 14,000 * Includes purchase price and cost of freight. Units Purchases Unit Cost* 4,000 2,000 5,000 11,000 $8 9 11,000 units were on hand at the end of the month. Total Cost $ 48,000 72,000 $ 120,000
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