It says the answer is complete but not correct . Can you tell me the right answers
It says the answer is complete but not correct . Can you tell me the right answers
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
It says the answer is complete but not correct . Can you tell me the right answers
![Required information
[The following information applies to the questions
displayed below.]
A company reports the following beginning inventory and
two purchases for the month of January. On January 26, the
company sells 430 units. Ending inventory at January 31
totals 170 units.
Units
Unit Cost
$ 3.80
Beginning inventory on January 1
Purchase on January 9
Purchase on January 25
390
90
4.00
120
4.10
Required:
Assume the perpetual inventory system is used. Determine
the costs assigned to ending inventory when costs are
assigned based on the FIFO method.
X Answer is complete but not
Perpetual FIFO:
Cost of Goods Sold
Goods purchased
Cost
Cost
Date
# of units
Cost of
# of units
per
per
sold
Goods Sold
unit
unit
January 1
90 O at
$ 4.00 O
January 9
Total January 9
120
at
$ 4.10 O
January 25
Total January
25
390 O at
$ 3.80
1,482.00
January 26
40 at
$ 4.00
160.00
%3D
=
430 x at
$ 4.10
1,763.00
Total January
2$
26
3.405.00](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fed016912-7e10-4774-a3fb-a6d6216c6a8e%2F1f51c69e-17aa-4aa2-9e19-fc9aaa787135%2Fi8ocezs_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions
displayed below.]
A company reports the following beginning inventory and
two purchases for the month of January. On January 26, the
company sells 430 units. Ending inventory at January 31
totals 170 units.
Units
Unit Cost
$ 3.80
Beginning inventory on January 1
Purchase on January 9
Purchase on January 25
390
90
4.00
120
4.10
Required:
Assume the perpetual inventory system is used. Determine
the costs assigned to ending inventory when costs are
assigned based on the FIFO method.
X Answer is complete but not
Perpetual FIFO:
Cost of Goods Sold
Goods purchased
Cost
Cost
Date
# of units
Cost of
# of units
per
per
sold
Goods Sold
unit
unit
January 1
90 O at
$ 4.00 O
January 9
Total January 9
120
at
$ 4.10 O
January 25
Total January
25
390 O at
$ 3.80
1,482.00
January 26
40 at
$ 4.00
160.00
%3D
=
430 x at
$ 4.10
1,763.00
Total January
2$
26
3.405.00
Transcribed Image Text:s to the questions
beginning inventory and
anuary. On January 26, the
inventory at January 31
Units
Unit Cost
$ 3.80
4.00
390
90
120
4.10
/ system is used. Determine
ventory when costs are
ethod.
X Answer is complete but not entirely correct.
Perpetual FIFO:
Cost of Goods Sold
Inventory Balance
Cost
Cost
Inventory
Balance
# of units
Cost of
# of units
per
unit
per
sold
Goods Sold
unit
390 O at
$ 3.80
1,482.00
390 O at
$ 3.80
1,482.00
90 V
at
$ 4.00
360.00
$
1,842.00
390 O at
$ 3.80
1,482.00
90 O at
$ 4.00
360.00
120
at
$ 4.10
492.00
2,334.00
$
1,482.00
50 8 at
390 O at
$ 3.80
$ 3.80
190.00
%3D
$ 4.00
$ 4.00
at
430 X at
40
160.00
120 X at
480.00
%3D
$ 4.10
1,763.00
170 X at
$ 4.10
697.00
$
3,405.00
1,367.00
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