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Jayson Company used the perpetual system. Units Unit cost Total cost 8,000 3,000 10,000 11,000 800 70.00 70.50 Jan. 1 Beginning balance 6 Purchase Feb. 5 Sale Mar. 5 Purchase Mar. 8 Purchase return Apr. 10 Sale Apr. 30 Sale return 560,000 211,500 73.50 73.50 808,500 58,800 7,000 300

Jayson Company used the perpetual system. Units Unit cost Total cost 8,000 3,000 10,000 11,000 800 70.00 70.50 Jan. 1 Beginning balance 6 Purchase Feb. 5 Sale Mar. 5 Purchase Mar. 8 Purchase return Apr. 10 Sale Apr. 30 Sale return 560,000 211,500 73.50 73.50 808,500 58,800 7,000 300

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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Problem 11-17 (IAA) Jayson Company used the perpetual system. Units Unit cost Total cost Jan. 1 Beginning balance 6 Purchase 8,000 3,000 10,000 11,000 800 70.00 70.50 560,000 211,500 Feb. 5 Sale Mar. 5 Purchase Mar. 8 Purchase return Apr. 10 Sale Apr. 30 Sale return 73.50 73.50 808,500 58,800 7,000 300 If the FIFO cost flow method is used, what amount should be reported as cost of the inventory on April 30? a. 330,750 b. 315,000 c. 433,876 d. 329,360
Transcribed Image Text:Problem 11-17 (IAA) Jayson Company used the perpetual system. Units Unit cost Total cost Jan. 1 Beginning balance 6 Purchase 8,000 3,000 10,000 11,000 800 70.00 70.50 560,000 211,500 Feb. 5 Sale Mar. 5 Purchase Mar. 8 Purchase return Apr. 10 Sale Apr. 30 Sale return 73.50 73.50 808,500 58,800 7,000 300 If the FIFO cost flow method is used, what amount should be reported as cost of the inventory on April 30? a. 330,750 b. 315,000 c. 433,876 d. 329,360
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