Mojo Industries tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the accounting period, January 31. The inventory’s selling price is $12 per unit. Transactions Unit Cost Units Total Cost Inventory, January 1 $ 4.00 190 $ 760 Sale, January 10 (150) Purchase, January 12 4.50 240 1,080 Sale, January 17 (110) Purchase, January 26 5.50 70 385 Complete this question by entering your answers in the tabs below. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each of the inventory costing methods. (Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount.) Note:-
Mojo Industries tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the accounting period, January 31. The inventory’s selling price is $12 per unit. Transactions Unit Cost Units Total Cost Inventory, January 1 $ 4.00 190 $ 760 Sale, January 10 (150) Purchase, January 12 4.50 240 1,080 Sale, January 17 (110) Purchase, January 26 5.50 70 385 Complete this question by entering your answers in the tabs below. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each of the inventory costing methods. (Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount.) Note:-
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Mojo Industries tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the accounting period, January 31. The inventory’s selling price is $12 per unit. Transactions Unit Cost Units Total Cost Inventory, January 1 $ 4.00 190 $ 760 Sale, January 10 (150) Purchase, January 12 4.50 240 1,080 Sale, January 17 (110) Purchase, January 26 5.50 70 385 Complete this question by entering your answers in the tabs below. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each of the inventory costing methods. (Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount.)
Note:-
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Transcribed Image Text:Complete this question by entering your answers in the tabs below.
Req 1
Req 2A
Req 2B
Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each of the
inventory costing methods. (Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar
amount.)
Amount of Goods
Available for Sale
Cost of Goods
Ending Inventory
Sold
a. Weighted average cost
$
2,225 $
1,068 $
1,157
b. First-in, first-out
$
2,225
c. Last-in, first-out:
$
2,225
d. Specific identification
$
2,225
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