Pina Vision Inc. opened for business on Jan 1, and uses a perpetual inventory system. During January, the company had the following purchases and sales for one of its products: Date Jan. 1 (a) 7 14 16 17 27 30 Units 1,412 800 907 Purchases 513 Cost of Goods Sold Ending Inventory Unit Cost $25 $ 27 $ FIFO 35 28 Units 612 1,200 1,524 Sales Determine the cost of goods sold and cost of ending inventory using (1) FIFO and (2) average cost. Ignore the effect of income tax. (Round average cost answers to 2 decimal places, e.g. 5,275.75.) Unit Price $95 168948 75 75 Average Cost $ $
Pina Vision Inc. opened for business on Jan 1, and uses a perpetual inventory system. During January, the company had the following purchases and sales for one of its products: Date Jan. 1 (a) 7 14 16 17 27 30 Units 1,412 800 907 Purchases 513 Cost of Goods Sold Ending Inventory Unit Cost $25 $ 27 $ FIFO 35 28 Units 612 1,200 1,524 Sales Determine the cost of goods sold and cost of ending inventory using (1) FIFO and (2) average cost. Ignore the effect of income tax. (Round average cost answers to 2 decimal places, e.g. 5,275.75.) Unit Price $95 168948 75 75 Average Cost $ $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Pina Vision Inc. opened for business on Jan 1, and uses a perpetual inventory system. During January, the company had the following
purchases and sales for one of its products:
Date
Jan. 1
(a)
7
14
16
17
27
30
Units
1,412
800
907
513
Purchases
Cost of Goods Sold
Unit Cost
$25
Ending Inventory
FIFO
$
27
$
35
28
Units
612
1,200
1,524
Sales
Determine the cost of goods sold and cost of ending inventory using (1) FIFO and (2) average cost. Ignore the effect of income tax.
(Round average cost answers to 2 decimal places, e.g. 5,275.75.)
Unit Price
$95
168948
75
75
Average Cost
$
$
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