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Brief Exercise 8-13 (Algo) Inventory cost flow methods; periodic system [LO8-4] Salt and Mineral (SAM) began 2024 with 340 units of its one product. These units were purchased near the end of 2023 for $22 each. During the month of January, 170 units were purchased on January 8 for $25 each and another 340 units were purchased on January 19 for $27 each. Sales of 185 units and 240 units were made on January 10 and January 25, respectively. There were 425 units on hand at the end of the month. SAM uses a periodic inventory system. Required: 1. Calculate ending inventory and cost of goods sold for January using FIFO 2. Calculate ending inventory and cost of goods sold for January using average cost Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate ending inventory and cost of goods sold for January using FIFO. Cost of Goods Available for Sale FIFO Beginning Inventory Number of units Cost per unit 340 $ 22.00 $ Cost of Goods Available for Sale 7,400 Cost of Goods Sold-Periodic FIFO Cost of Goods Sold Number of units sold Cost per unit 22 00 S Ending Inventory-Periodic FIFO Number of units in Cost per ending unit inventory S 22.00 Ending Inventory

Brief Exercise 8-13 (Algo) Inventory cost flow methods; periodic system [LO8-4] Salt and Mineral (SAM) began 2024 with 340 units of its one product. These units were purchased near the end of 2023 for $22 each. During the month of January, 170 units were purchased on January 8 for $25 each and another 340 units were purchased on January 19 for $27 each. Sales of 185 units and 240 units were made on January 10 and January 25, respectively. There were 425 units on hand at the end of the month. SAM uses a periodic inventory system. Required: 1. Calculate ending inventory and cost of goods sold for January using FIFO 2. Calculate ending inventory and cost of goods sold for January using average cost Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate ending inventory and cost of goods sold for January using FIFO. Cost of Goods Available for Sale FIFO Beginning Inventory Number of units Cost per unit 340 $ 22.00 $ Cost of Goods Available for Sale 7,400 Cost of Goods Sold-Periodic FIFO Cost of Goods Sold Number of units sold Cost per unit 22 00 S Ending Inventory-Periodic FIFO Number of units in Cost per ending unit inventory S 22.00 Ending Inventory

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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Brief Exercise 8-13 (Algo) Inventory cost flow methods; periodic system [LO8-4] Salt and Mineral (SAM) began 2024 with 340 units of its one product. These units were purchased near the end of 2023 for $22 each. During the month of January, 170 units were purchased on January 8 for $25 each and another 340 units were purchased on January 19 for $27 each. Sales of 185 units and 240 units were made on January 10 and January 25, respectively. There were 425 units on hand at the end of the month. SAM uses a periodic inventory system. Required: 1. Calculate ending inventory and cost of goods sold for January using FIFO 2. Calculate ending inventory and cost of goods sold for January using average cost. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate ending inventory and cost of goods sold for January using FIFO. Cost of Goods Available for Sale FIFO Beginning Inventory Number of units Cost per unit 340 S 22.00 S Cost of Goods Available for Sale 7.400 < Prov Cost of Goods Sold-Periodic FIFO Cost of Goods Sold 22.00 $ Number of Cost per units sold unit 7 of 11 Next > Ending Inventory-Periodic FIFO Number of units in ending inventory Cost per unit Ending Inventory S 22.00 S
Transcribed Image Text:Brief Exercise 8-13 (Algo) Inventory cost flow methods; periodic system [LO8-4] Salt and Mineral (SAM) began 2024 with 340 units of its one product. These units were purchased near the end of 2023 for $22 each. During the month of January, 170 units were purchased on January 8 for $25 each and another 340 units were purchased on January 19 for $27 each. Sales of 185 units and 240 units were made on January 10 and January 25, respectively. There were 425 units on hand at the end of the month. SAM uses a periodic inventory system. Required: 1. Calculate ending inventory and cost of goods sold for January using FIFO 2. Calculate ending inventory and cost of goods sold for January using average cost. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate ending inventory and cost of goods sold for January using FIFO. Cost of Goods Available for Sale FIFO Beginning Inventory Number of units Cost per unit 340 S 22.00 S Cost of Goods Available for Sale 7.400 < Prov Cost of Goods Sold-Periodic FIFO Cost of Goods Sold 22.00 $ Number of Cost per units sold unit 7 of 11 Next > Ending Inventory-Periodic FIFO Number of units in ending inventory Cost per unit Ending Inventory S 22.00 S
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