4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. Required Information[The following information applies to the questions displayed below.]A company began January with 9,000 units of its principal product. The cost of each unit is $5. Inventory transactions forthe month of January are as follows:Date of PurchaseJanuary 10January 18TotalsTotalDate of SaleJanuary 5January 12January 20Total* Includes purchase price and cost of freight.SalesAverage CostBeginning InventoryPurchases:Units6,0009,00015,000January 10January 18Units5,0003,0006,00014,00010,000 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.PurchasesUnit Cost*Number Unitof units Cost$67Cost of Goods Available for SaleCost ofGoodsAvailable forSale$ 45,0009,000 $5.006,000 $6.009,000$ 7.0024,000$Total Cost$ 36,00063,000$99,00036,00063,000144,000Cost of Goods Sold - Average CostAverageCost perUnitNumber ofunits soldCost ofGoods SoldEnding Inventory - Average CostNumber ofAverageunits inCost perendingunitinventoryEndingInventory

The total cost of goods purchased or produced during a given time period is then divided by the…

A company began January with 9,000 units of its principal product. The cost of each unit is $5. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Units Date of Sale January 5 January 12 January 20 Total 6,000 9,000 15,000 * Includes purchase price and cost of freight. Sales Units Purchases Unit Cost* $6 7 5,000 3,000 6,000 14,000 10,000 units were on hand at the end of the month. Total Cost $ 36,000 63,000 $ 99,000 . Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system.

A company began January with 9,000 units of its principal product. The cost of each unit is $5. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Units Date of Sale January 5 January 12 January 20 Total 6,000 9,000 15,000 * Includes purchase price and cost of freight. Sales Units Purchases Unit Cost* $6 7 5,000 3,000 6,000 14,000 10,000 units were on hand at the end of the month. Total Cost $ 36,000 63,000 $ 99,000 . Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system.

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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