nment i Use the following information for the Quick Studies below. (Algo) (5-7) [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 390 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Beginning Inventory Purchases: QS 5-5 (Algo) Periodic: Inventory costing with FIFO LO P1 Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Note: Round your per unit costs to 2 decimal places. January 9 Cost of Goods Available for Sale Cost of Goods Available for Sale Number of units Cost per unit 350 $ 80 3.40 3.60 Units. 350 80 110 TO $ Unit Cost $ 3.40 3.60 3.70 Periodic FIFO 1,190 288 407 Cost of Goods Sold Number of units sold Cost per unit Cost of Goods Sold Inventory Balance Number of units in ending inventory O 110 110 Cost per unit 3.70 Ending Inventory $ 407 407

nment i Use the following information for the Quick Studies below. (Algo) (5-7) [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 390 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Beginning Inventory Purchases: QS 5-5 (Algo) Periodic: Inventory costing with FIFO LO P1 Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Note: Round your per unit costs to 2 decimal places. January 9 Cost of Goods Available for Sale Cost of Goods Available for Sale Number of units Cost per unit 350 $ 80 3.40 3.60 Units. 350 80 110 TO $ Unit Cost $ 3.40 3.60 3.70 Periodic FIFO 1,190 288 407 Cost of Goods Sold Number of units sold Cost per unit Cost of Goods Sold Inventory Balance Number of units in ending inventory O 110 110 Cost per unit 3.70 Ending Inventory $ 407 407

Name: gnment iUse the following information for the Quick Studies below. (A
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Description: gnment iUse the following information for the Quick Studies below. (Algo) (5-7)[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 Ja

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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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 440 units. Ending inventory at January 31 totals 170 units. Beginning inventory on January 1 Units 400 Unit Cost $ 3.90 Purchase on January 9 90 Purchase on January 25 120 4.10 4.20 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Perpetual FIFO: Goods purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit # of units sold Cost per Cost of Goods unit Sold # of units Cost per unit Inventory Balance January 1 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26
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The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are shown in Problem 7-1B. Date Transaction Number of units Per unit ($) Total ($) April 3 Inventory 25 1.200 30.000 8 Purchase 75 1.240 93.000 11 Sale 40 2.000 80.000 30 Sale 30 2.000 60.000 May 8 Purchase 60 1.260 76.500 10 Sale 50 2.000 100.000 19 Sale 20 2.000 40.000 28 Purchase 80 1.260 100.800 June 5 Sale 40 2.250 90.000 16 Sale 25 2.250 56.250 21 Purchase 35 1.264 44.240 28 Sale 44 2.250 99.000 Instructions1. Determine the inventory on June 30, 2014, and the cost of goods sold for the threemonth period, using the first-in, first-out method and the periodic inventory system.2. Determine the inventory on June 30, 2014, and the cost of goods sold for the threemonth period, using the last-in, first-out method and the periodic inventory system.3. Determine the inventory on June 30, 2014, and the cost of goods sold for the threemonth period,…