A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 360 units. Ending inventory at January 31 totals 130 units. Units Unit Cost $ 3.10 Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 320 70 3.30 100 3.40 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Perpetual FIFO: Goods purchased Cost of Goods Sold Inventory Balance # of units Cost per unit # of units Cost per Cost of Goods unit Cost per unit Inventory Balance Date # of units Sold sold January 1 January 9 January 25 January 26 Totals

A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 360 units. Ending inventory at January 31 totals 130 units. Units Unit Cost $ 3.10 Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 320 70 3.30 100 3.40 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Perpetual FIFO: Goods purchased Cost of Goods Sold Inventory Balance # of units Cost per unit # of units Cost per Cost of Goods unit Cost per unit Inventory Balance Date # of units Sold sold January 1 January 9 January 25 January 26 Totals

Name: A company reports the following beginning inventory and two purchases
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Description: A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells360 units. Ending inventory at January 31 totals 130 units.UnitsUnit Cost$ 3.10Beginning inventory on January 1Purchase o

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 reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 430 units. Ending inventory at January 31 totals 170 units. Units Unit Cost $ 3.80 Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 390 90 4.00 120 4.10 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Perpetual FIFO: Goods purchased Cost of Goods Sold In # of Date Cost per Cost of Goods unit Cost per # of units units sold # of units unit Sold January 1 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26
Torres Company had the following information for the year ending December 31: Units Unit Cost Beginning inventory 350 $45 Purchase: April 6 260 44 Sale: May 4 450 Purchase: July 19 590 43 Sale: September 9 370 Purchase: October 10 100 31 Torres uses the perpetual inventory system and the FIFO method. Required: Using FIFO (a) Compute the cost of ending inventory. (b) Compute the cost of goods sold for the year. Cost of ending inventory Cost of goods sold $0 ?
Fill in the table. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.
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