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Perpetual FIFO: Goods purchased Cost of Goods Sold Inventory Balance # of units Cost per unit # of units sold Cost per Cost of Goods unit Cost per unit Inventory Balance Date # of units Sold January 1 January 9 January 25 January 26 Totals

Perpetual FIFO: Goods purchased Cost of Goods Sold Inventory Balance # of units Cost per unit # of units sold Cost per Cost of Goods unit Cost per unit Inventory Balance Date # of units Sold January 1 January 9 January 25 January 26 Totals

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Perpetual FIFO: Goods purchased Cost of Goods Sold Inventory Balance # of # of units Cost per unit Cost per Cost of Goods unit Cost per unit Inventory Balance Date units # of units Sold sold January 1 January 9 January 25 January 26 Totals
Transcribed Image Text:Perpetual FIFO: Goods purchased Cost of Goods Sold Inventory Balance # of # of units Cost per unit Cost per Cost of Goods unit Cost per unit Inventory Balance Date units # of units Sold sold January 1 January 9 January 25 January 26 Totals
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. Units Unit Cost $ 3.40 Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 350 3.60 3.70 80 110 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.
Transcribed Image Text: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. Units Unit Cost $ 3.40 Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 350 3.60 3.70 80 110 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.
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