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anuary 1 balance, 80 units @ $50 $4,000 Purchases: January 18: 40 units @ $51 January 28: 40 units @ $52 Sales: January 12: 30 units January 22: 30 units January 31:45 units

anuary 1 balance, 80 units @ $50 $4,000 Purchases: January 18: 40 units @ $51 January 28: 40 units @ $52 Sales: January 12: 30 units January 22: 30 units January 31:45 units

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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Shown below is the activity for one of the products of XYZ Co.: January 1 balance, 80 units @ $50 $4,000 Purchases: January 18: 40 units @ $51 January 28: 40 units @ $52 Sales: January 12: 30 units January 22: 30 units January 31: 45 units Required: (you have the option to upload the answer to this question) (A) Compute the January 31 ending inventory and cost of goods sold for January, assuming the company uses FIFO. (B) Compute the January 31 ending inventory and cost of goods sold for January, assuming the company uses average cost and a perpetual inventory system.
Transcribed Image Text:Shown below is the activity for one of the products of XYZ Co.: January 1 balance, 80 units @ $50 $4,000 Purchases: January 18: 40 units @ $51 January 28: 40 units @ $52 Sales: January 12: 30 units January 22: 30 units January 31: 45 units Required: (you have the option to upload the answer to this question) (A) Compute the January 31 ending inventory and cost of goods sold for January, assuming the company uses FIFO. (B) Compute the January 31 ending inventory and cost of goods sold for January, assuming the company uses average cost and a perpetual inventory system.
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