### Inventory Transactions and Calculations for Nigam & Roy, IncorporatedNigam & Roy, Incorporated began operating on June 26 with no inventory on hand. It then made the purchases listed below. Nigam & Roy, Incorporated sold and delivered 52 units on June 30.| Date | Description | Units | Unit Cost | Total Cost ||------------|-------------|-------|-----------|------------|| June 27 | Purchase | 16 | $8.80 | $140.80 || June 28 | Purchase | 40 | $9.80 | $392.00 || June 29 | Purchase | 24 | $11.80 | $283.20 |**Required:**1. **Calculate the number and cost of goods available for sale.**2. **Calculate the number of units in ending inventory at June 30.**3. **Calculate the cost of ending inventory and the cost of goods sold under FIFO.**

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Description: ### Inventory Transactions and Calculations for Nigam & Roy, IncorporatedNigam & Roy, Incorporated began operating on June 26 with no inventory on hand. It then made the purchases listed below. Nigam & Roy, Incorporated sold and delivered 52 units o

FIFO method is one of the methods of inventory valuation in which it is assumed that old purchases…

Business

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Nigam & Roy, Incorporated began operating on June 26 with no inventory on hand. It then made the purchases listed below. Nigam & Roy, Incorporated sold and delivered 52 units on June 30. Description Date June 27 June 28 June 29 Purchase Purchase Purchase Units 16 40 24 Unit Cost $ 8.80 9.80 11.80 Total Cost $ 140.80 392.00 283.20 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory at June 30. 3. Calculate the cost of ending inventory and the cost of goods sold under FIFO.

Nigam & Roy, Incorporated began operating on June 26 with no inventory on hand. It then made the purchases listed below. Nigam & Roy, Incorporated sold and delivered 52 units on June 30. Description Date June 27 June 28 June 29 Purchase Purchase Purchase Units 16 40 24 Unit Cost $ 8.80 9.80 11.80 Total Cost $ 140.80 392.00 283.20 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory at June 30. 3. Calculate the cost of ending inventory and the cost of goods sold under FIFO.

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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