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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 January 10 January 18 Totals * Includes purchase price and cost of freight. Sales Date of Sale January 5 January 12 January 20 Total Units 5,000 6,000 11,000 FIFO Units Purchases Unit Cost* $8 9 3,000 2,000 4,000 9,000 8,000 units were on hand at the end of the month. uired: Iculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. Total Cost $ 40,000 54,000 $ 94,000 Cost of Goods Available for Sale Cost of Goods Number Cost per Cost of Goods Sold - Periodic FIFO Number of Cost per Cost of Ending Inventory - Periodic FIFO Number of units in Cost per Ending

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 January 10 January 18 Totals * Includes purchase price and cost of freight. Sales Date of Sale January 5 January 12 January 20 Total Units 5,000 6,000 11,000 FIFO Units Purchases Unit Cost* $8 9 3,000 2,000 4,000 9,000 8,000 units were on hand at the end of the month. uired: Iculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. Total Cost $ 40,000 54,000 $ 94,000 Cost of Goods Available for Sale Cost of Goods Number Cost per Cost of Goods Sold - Periodic FIFO Number of Cost per Cost of Ending Inventory - Periodic FIFO Number of units in Cost per Ending

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 January 10 January 18 Totals Total Includes purchase price and cost of freight. Date of Sale January 5 January 12 January 20 Total Sales FIFO Beginning Inventory Purchases: Units 5,000 6,000 11,000 January 10 January 18 Units 8,000 units were on hand at the end of the month. 3,000 2,000 4,000 9,000 Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. Purchases Unit Cost* $ 8 9 Cost of Goods Available for Sale Cost of Goods Available for Sale $ 42,000 Number Cost per of units unit 6,000 $ 7.00 5,000 $ 8.00 6,000 $9.00 17,000 Total Cost $ 40,000 54,000 $ 94,000 40,000 54,000 $ 136,000 Cost of Goods Sold - Periodic FIFO Number of units sold 0 Cost per unit $ GA GA 7.00 8.00 9.00 Cost of Goods Sold $ 0 0 0 0 Ending Inventory - Periodic FIFO Number of units in ending inventory O Cost per unit $ A Ending Inventory 7.00 $ 8.00 9.00 SA 0 0 0
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 January 10 January 18 Totals Total Includes purchase price and cost of freight. Date of Sale January 5 January 12 January 20 Total Sales FIFO Beginning Inventory Purchases: Units 5,000 6,000 11,000 January 10 January 18 Units 8,000 units were on hand at the end of the month. 3,000 2,000 4,000 9,000 Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. Purchases Unit Cost* $ 8 9 Cost of Goods Available for Sale Cost of Goods Available for Sale $ 42,000 Number Cost per of units unit 6,000 $ 7.00 5,000 $ 8.00 6,000 $9.00 17,000 Total Cost $ 40,000 54,000 $ 94,000 40,000 54,000 $ 136,000 Cost of Goods Sold - Periodic FIFO Number of units sold 0 Cost per unit $ GA GA 7.00 8.00 9.00 Cost of Goods Sold $ 0 0 0 0 Ending Inventory - Periodic FIFO Number of units in ending inventory O Cost per unit $ A Ending Inventory 7.00 $ 8.00 9.00 SA 0 0 0
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