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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