A company began January with 6,000 units of its principal product. The cost of each unit is $8. Inventory transactions forthe month of January are as follows:Date of PurchaseJanuary 10January 18TotalsUnits5,0006,00011,000* Includes purchase price and cost of freight.Date of SaleJanuary 5January 12January 20TotalTotalSalesProblem 8-5 (Static) Part 3Perpetual FIFO:Beginning InventoryPurchases:Units3,0002,0004,0009,000January 10January 188,000 units were on hand at the end of the month.3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system.Number ofunitsPurchasesUnit Cost*Cost of Goods Available for SaleCost ofGoodsAvailable forSaleUnitCost6,000 $8.005,0006,00017,000$9109.0010.00Total Cost$ 45,00060,000$ 105,000$ 48,00045,00060,000$ 153,000Cost of Goods Sold - January 5Numberof unitssold0Cost perunit$Cost ofGoods Sold8.00 $9.0010.00$0000Cost of Goods Sold - January 12Numberof unitssold0Cost perunit$Cost ofGoods Sold8.00 $9.0010.00$0000Cost of Goods Sold - January 20Numberof unitssold0Cost perunit$Cost ofGoods Sold8.00 $9.0010.00$0000Inventory BalanceNumber ofunits inendinginventory0Cost perunit$EndingInventory8.00 $9.0010.00$0000

Iculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. rpetual FIFO: ning Inventory ases: nuary 10 nuary 18 Cost of Goods Available for Sale Cost of Goods Available for Sale 6,000 $8.00 $ 48,000 Number of Unit units Cost 5,000 6,000 17,000 9.00 10.00 $ 45,000 60,000 153,000 Cost of Goods Sold - January 5 Number of units sold 0 Cost per unit $ Cost of Goods Sold 8.00 $ 9.00 10.00 $ 0 0 0 0 Cost of Goods Sold - January 12 Number of units sold 0 Cost per unit $ Cost of Goods Sold 8.00 $ 9.00 10.00 $ 0 0 0 0 Cost of Goods Sold - January 20 Number of units sold 0 Cost per unit $ Cost of Goods Sold 8.00 $ 9.00 10.00 $ 0 0 0 0 Inventory Balance Number of units in ending inventory 0 Cost per unit $ Ending Inventory 8.00 $ 9.00 10.00 $

Iculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. rpetual FIFO: ning Inventory ases: nuary 10 nuary 18 Cost of Goods Available for Sale Cost of Goods Available for Sale 6,000 $8.00 $ 48,000 Number of Unit units Cost 5,000 6,000 17,000 9.00 10.00 $ 45,000 60,000 153,000 Cost of Goods Sold - January 5 Number of units sold 0 Cost per unit $ Cost of Goods Sold 8.00 $ 9.00 10.00 $ 0 0 0 0 Cost of Goods Sold - January 12 Number of units sold 0 Cost per unit $ Cost of Goods Sold 8.00 $ 9.00 10.00 $ 0 0 0 0 Cost of Goods Sold - January 20 Number of units sold 0 Cost per unit $ Cost of Goods Sold 8.00 $ 9.00 10.00 $ 0 0 0 0 Inventory Balance Number of units in ending inventory 0 Cost per unit $ Ending Inventory 8.00 $ 9.00 10.00 $

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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