Beech Soda, Incorporated 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 (January 1) 24 $ 19 $ 456 Purchase (January 11) 20 $ 25 500 Purchase (January 20) 31 $ 27 837 Total 75 $ 1,793 On January 14, Beech Soda, Incorporated sold 33 units of this product. The other 42 units remained in inventory at January 31. i) Assuming that Beech Soda uses the first-in, first-out (FIFO) cost flow assumption: The cost of goods sold to be recorded at January 14 is: $_________________ The cost of ending inventory at January 31 is: $ _ ii). Assuming that Beech Soda uses the Last-in, first-out (LIFO) cost flow assumption: The cost of goods sold to be recorded at January 14 is: $___ The cost of ending inventory at January 31 is: $ _ iii). Assuming that Beech Soda uses the Average method of cost flow assumption: The cost of goods sold to be recorded at January 14 is: $_ The cost of ending inventory at January 31 is: $ _____________

Name: Beech Soda, Incorporated uses a perpetual inventory system. The compan
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Description: Beech Soda, Incorporated 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 (January 1)24$ 19$ 45

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...

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Beech Soda, Incorporated 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 (January 1)	24	$ 19	$ 456
Purchase (January 11)	20	$ 25	500
Purchase (January 20)	31	$ 27	837
Total	75		$ 1,793

On January 14, Beech Soda, Incorporated sold 33 units of this product. The other 42 units remained in inventory at January 31.

i) Assuming that Beech Soda uses the first-in, first-out (FIFO) cost flow assumption:

The cost of goods sold to be recorded at January 14 is:

$_______________________________

The cost of ending inventory at January 31 is:

$ _____________________________

ii). Assuming that Beech Soda uses the Last-in, first-out (LIFO) cost flow assumption:

The cost of goods sold to be recorded at January 14 is:

$_______________________________

The cost of ending inventory at January 31 is:

$ _____________________________

iii). Assuming that Beech Soda uses the Average method of cost flow assumption:

The cost of goods sold to be recorded at January 14 is:

$_______________________________

The cost of ending inventory at January 31 is:

$ _____________________________

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