O Question 3 - THFE - Connect+A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/acti..E AppsE Reading listTHFESavedHelpSave & ExitSubmit3.A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells350 units. Ending inventory at January 31 totals 150 units.UnitsUnit CostBeginning inventory on January 1Purchase on January 9Purchase on January 25$ 3.003.203.3432080100X 00:36:46Required:Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based onthe FIFO method.SkippedPeriodic FIFOCost of Goods Available for SaleCost of Goods SoldInventory Balance# ofunitsCost perunitCost of GoodsAvailable forSale# of unitsin endinginventory# of unitsCost perunitCostGoods SoldCost perunitEndingInventorysoldBeg. Inventory$Purchases:January 9January 25Total$$$McGrawHill< Prev3 of 11Next >10:54 AM1/3/2022PrroxT10 ll () ENG

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FIFO is the method of valuation of inventory, where it is assumed that the product first purchased…

Business

Accounting

A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Unit Cost $ 3.00 Units Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 320 80 3.20 100 3.34 Required: Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance # of units in ending inventory Cost of Goods # of units Cost per unit Available for Sale # of units Cost per sold Cost of Goods Sold Cost per unit Ending Inventory unit Beg. Inventory Purchases: January 9 January 25 Total

A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Unit Cost $ 3.00 Units Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 320 80 3.20 100 3.34 Required: Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance # of units in ending inventory Cost of Goods # of units Cost per unit Available for Sale # of units Cost per sold Cost of Goods Sold Cost per unit Ending Inventory unit Beg. Inventory Purchases: January 9 January 25 Total

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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Mojo Industries tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the accounting period, January 31. The inventory's selling price is $14 per unit. Transactions Unit Cost Inventory, January 1 $ 5.00 Units 190 Total Cost $ 950 Sale, January 10 (140) Purchase, January 12 5.50 240 1,320 Sale, January 17 (100) Purchase, January 26 6.50 70 455 Required: 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each of the following inventory costing methods: a. Weighted average cost. b. First-in, first-out. c. Last-in, first-out. d. Specific identification, assuming that the January 10 sale was from the beginning inventory and the January 17 sale was from the January 12 purchase. 2-a. Of the four methods, which will…
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 310 units. Ending inventory at January 31 totals 130 units. Units Unit Cost Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 280 $ 2.60 60 2.80 100 2.94 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.) Weighted Average - Perpetual: Cost of Goods Sold Goods purchased Inventory Balance Date # of Cost per unit Cost per unit Cost of Goods Sold # of units units sold Cost per unit Inventory Balance # of units January 1 January 9 Average cost January 9 January 25
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Trini Company had the following transactions for the month. Calculate the ending inventory dollar value for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. first-in, first-out (FIFO) last-in, first-out (LIFO) weighted average (AVG)
Maxell Company uses the FIFO method to assign costs to inventory and cost of goods sold. The company uses a periodic inventory system. Consider the following information: Date Description # of units Cost per unit January 1 Beginning inventory 290 $ 4 June 2 Purchase 80 $ 3 November 5 Sales 310 What amounts would be reported as the cost of goods sold and ending inventory balances for the year? Multiple Choice Cost of goods sold $1,220; Ending inventory $180 Cost of goods sold $1,240; Ending inventory $140 Cost of goods sold $1,160; Ending inventory $240 Cost of goods sold $1,300; Ending inventory $210
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A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 310 units. Ending inventory at January 31 totals 130 units. Units Unit Cost Beginning inventory on January 1 280 $ 2.60 Purchase on January 9 60 2.80 Purchase on January 25 100 2.94 Required:Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO.
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A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 390 units. Ending inventory at January 31 totals 150 units. Units Unit Cost Beginning inventory on January 1 350 $ 3.40 Purchase on January 9 80 3.60 Purchase on January 25 110 3.70