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A company began January with 6,000 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 Purchases Unit Total

A company began January with 6,000 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 Purchases Unit Total

FINANCIAL ACCOUNTING
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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A company began January with 6,000 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 Units January 10 January 18 Totals Purchases Unit Cost*Footnote asterisk 5,000 6,000 11,000 Total Cost Sales Date of Sale Units January 5 3,000 January 12 2,000 January 20 4,000 Total 9,000 $ 40,000 9 54,000 $ 94,000 $8 *Footnote asterisk Includes purchase price and cost of freight. 8,000 units were on hand at the end of the month. 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system.
Transcribed Image Text:A company began January with 6,000 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 Units January 10 January 18 Totals Purchases Unit Cost*Footnote asterisk 5,000 6,000 11,000 Total Cost Sales Date of Sale Units January 5 3,000 January 12 2,000 January 20 4,000 Total 9,000 $ 40,000 9 54,000 $ 94,000 $8 *Footnote asterisk Includes purchase price and cost of freight. 8,000 units were on hand at the end of the month. 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system.
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