Date of Purchase Units Unit Cost* Total Cost January 10 6,000 $ 9 January 18 8,000 10 $ 54,000 80,000 Totals 14,000 $ 134,000 * Includes purchase price and cost of freight. Sales Date of Sale Units January 5 4,000 January 12 2,000 January 20 5,000 Total 11,000 11,000 units were on hand at the end of the month. Cost of Goods Available for Sale FIFO Number Cost per of units unit Cost of Goods Available for Sale Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. Ending Inventory - Periodic FIFO Number of Cost of Goods Sold - Periodic FIFO Number of units sold Cost per unit Cost of Goods Sold units in ending Cost per unit Ending Inventory inventory Beginning Inventory 8,000 $ 8.00 $ 64,000 $ 8.00 $ 0 $ 8.00 $ 0 Purchases: January 10 January 18 6,000 $ 9.00 54,000 $ 9.00 Total 8,000 22 000 $ 10.00 80,000 $ 10.00 $ 198 000 n $ 0 $ 9.00 0 $ 10.00 n በ $ 0 0 n
Date of Purchase Units Unit Cost* Total Cost January 10 6,000 $ 9 January 18 8,000 10 $ 54,000 80,000 Totals 14,000 $ 134,000 * Includes purchase price and cost of freight. Sales Date of Sale Units January 5 4,000 January 12 2,000 January 20 5,000 Total 11,000 11,000 units were on hand at the end of the month. Cost of Goods Available for Sale FIFO Number Cost per of units unit Cost of Goods Available for Sale Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. Ending Inventory - Periodic FIFO Number of Cost of Goods Sold - Periodic FIFO Number of units sold Cost per unit Cost of Goods Sold units in ending Cost per unit Ending Inventory inventory Beginning Inventory 8,000 $ 8.00 $ 64,000 $ 8.00 $ 0 $ 8.00 $ 0 Purchases: January 10 January 18 6,000 $ 9.00 54,000 $ 9.00 Total 8,000 22 000 $ 10.00 80,000 $ 10.00 $ 198 000 n $ 0 $ 9.00 0 $ 10.00 n በ $ 0 0 n
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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Transcribed Image Text:Date of Purchase
Units
Unit Cost*
Total Cost
January 10
6,000
$ 9
January 18
8,000
10
$ 54,000
80,000
Totals
14,000
$ 134,000
* Includes purchase price and cost of freight.
Sales
Date of Sale
Units
January 5
4,000
January 12
2,000
January 20
5,000
Total
11,000
11,000 units were on hand at the end of the month.
Cost of Goods Available for Sale
FIFO
Number Cost per
of units
unit
Cost of
Goods
Available for
Sale
Required:
1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system.
Ending Inventory - Periodic FIFO
Number of
Cost of Goods Sold - Periodic FIFO
Number of
units sold
Cost per
unit
Cost of
Goods Sold
units in
ending
Cost per
unit
Ending
Inventory
inventory
Beginning Inventory
8,000
$ 8.00
$
64,000
$
8.00
$
0
$
8.00
$
0
Purchases:
January 10
January 18
6,000 $ 9.00
54,000
$
9.00
Total
8,000
22 000
$ 10.00
80,000
$
10.00
$
198 000
n
$
0
$
9.00
0
$ 10.00
n
በ
$
0
0
n
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