### Allen Company Inventory AnalysisFor the year ending December 31, Allen Company reported the following inventory transactions:#### Inventory Transactions Table| Transaction Type | Date | Units | Unit Cost ||----------------------|-----------------|-------|-----------|| **Beginning Inventory** | | 330 | $44 || Purchase | April 6 | 420 | $39 || **Sale** | May 4 | 270 | || Purchase | July 19 | 600 | $33 || **Sale** | September 9 | 560 | || Purchase | October 10 | 100 | $32 |Allen Company utilizes the **perpetual inventory system** and the **FIFO (First-In, First-Out) method** to manage inventory.#### TasksUsing the FIFO method, you are required to:1. **Compute the cost of ending inventory.**2. **Compute the cost of goods sold for the year.****Calculation Inputs:**- **Cost of Ending Inventory:** $ [Input Field]- **Cost of Goods Sold:** $ [Input Field]Please compute the required values using the provided inventory data.

FIFO means that first in first out which means that cost of goods sold consist of oldest purchase…

Allen Company had the following information for the year ending December 31: Units Unit Cost Beginning inventory 330 $44 Purchase: April 6 420 39 Sale: May 4 270 Purchase: July 19 600 33 Sale: September 9 560 Purchase: October 10 100 32 Allen 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

Allen Company had the following information for the year ending December 31: Units Unit Cost Beginning inventory 330 $44 Purchase: April 6 420 39 Sale: May 4 270 Purchase: July 19 600 33 Sale: September 9 560 Purchase: October 10 100 32 Allen 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

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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