Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: QuantityUnit CostTotal CostBeginning inventory (Jan. 1) 23 $14 $322 Purchase (Jan. 11) 15 $20 300 Purchase (Jan. 20) 26 $22 572 Total 64 $1,194 On January 14, Beech Soda, Inc. sold 28 units of this product. The other 36 units remained in inventory at January 31. Assuming that Beech Soda uses the FIFO cost flow assumption, the cost of goods sold to be recorded at January 14 is:

Name: Beech Soda, Inc. uses a perpetual inventory system. The company's begi
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Description: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: QuantityUnit CostTotal CostBeginning inventory (Jan. 1) 23 $14 $322 Purchas

FIFO: FIFO stands for First-In, First-Out. In this method inventory purchased first will be sell…

Answered: Beech Soda, Inc. uses a perpetual…

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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Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows:

	Quantity	Unit Cost	Total Cost
Beginning inventory (Jan. 1)		23		$	14	$	322
Purchase (Jan. 11)		15		$	20		300
Purchase (Jan. 20)		26		$	22		572
Total		64				$	1,194

On January 14, Beech Soda, Inc. sold 28 units of this product. The other 36 units remained in inventory at January 31.

Assuming that Beech Soda uses the FIFO cost flow assumption, the cost of goods sold to be recorded at January 14 is:

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