6. Sunrise Holding began January with 6,000 units of its principal product. The cost of each unit is RM8.Inventory transactions for the month of January are as follows:Date of PurchaseJanuary 10January 18TotalsPurchasesUnits5,0006,000 1011,000Unit Cost*RM 9*Includes purchase price and cost of freight.SalesDate of SaleJanuary 5January 12January 20Total8,000 units were on hand at the end of the month.Total CostRM 45,00060,000RM 105,000Units3,0002,0004,0009,000Required:Determine the ending inventory and COGS using periodic and perpetual system using FIFO andaverage cost.

Inventory valuation is based on the flow of exemption used by the company. There are many methods…

6. Sunrise Holding began January with 6,000 units of its principal product. The cost of each unit is RM8. Inventory transactions for the month of January are as follows: Purchases Date of Purchase Units January 10 5,000 January 18 6,000 Totals 11,000 *Includes purchase price and cost of freight. Sales Unit Cost* RM 9 10 Date of Sale January 5 January 12 January 20 Total 8,000 units were on hand at the end of the month. Total Cost RM 45,000 60,000 RM 105,000 Units 3,000 2,000 4,000 9,000 Required: Determine the ending inventory and COGS using periodic and perpetual system using FIFO and average cost.

6. Sunrise Holding began January with 6,000 units of its principal product. The cost of each unit is RM8. Inventory transactions for the month of January are as follows: Purchases Date of Purchase Units January 10 5,000 January 18 6,000 Totals 11,000 Includes purchase price and cost of freight. Sales Unit Cost RM 9 10 Date of Sale January 5 January 12 January 20 Total 8,000 units were on hand at the end of the month. Total Cost RM 45,000 60,000 RM 105,000 Units 3,000 2,000 4,000 9,000 Required: Determine the ending inventory and COGS using periodic and perpetual system using FIFO and average cost.

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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[The following information applies to the questions displayed below.] A company began January with 4,000 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 * Includes purchase price and cost of freight. Date of Sale January 5 January 12 January 20 Total Average Cost Total Sales Beginning Inventory Purchases: January 10 January 18 Units 3,000 4,000 7,000 Units 5,000 units were on hand at the end of the month. 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. 2,000 1,000 3,000 6,000 Number of units Purchases Unit Cost* $8 9 Cost of Goods Available for Sale Unit Cost 4,000 $7.00 3,000 $8.00 4,000 $9.00 11,000 Cost of Goods Available for Sale $ 28,000 Total Cost $ 24,000 36,000 $ 60,000 24,000 36,000 $ 88,000 Answer is not complete. Cost of Goods Sold - Average Cost Number of units sold 77,000 X Average Cost…
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