Q#1) Aero Company uses a periodic inventory system. Following is the record for the month of June and July,it is observed that in two months 800 units were sold.UnitTotalDateExplanation UnitsCostCostJun-01| InventoryJun-15 Purchase1505075002006012000Jun-30 PurchaseJul-14 Purchase30065195005005527500Jul-28 Purchase2505012500Totals140079000Instructionsa) Under FIFO, LIFO and Average cost method compute the cost of ending inventory on July 31.b) Under FIFO, LIFO and Average cost method find the cost of goods sold.

Name: Q#1) Aero Company uses a periodic inventory system. Following is the
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Description: Q#1) Aero Company uses a periodic inventory system. Following is the record for the month of June and July,it is observed that in two months 800 units were sold.UnitTotalDateExplanation UnitsCostCostJun-01| InventoryJun-15 Purchase150507500200601200

Ending inventory = Total units available for sales - units sold = 1400 - 800 = 600 units Average…

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Q#1) Aero Company uses a periodic inventory system. Following is the record for the month of June and July, it is observed that in two months 800 units were sold. Explanation Units Unit Cost Total Cost Date Jun-01 Inventory Jun-15 Purchase Jun-30 Purchase Jul-14 Purchase Jul-28 Purchase 150 50 7500 200 60 12000 300 65 19500 500 55 27500 250 50 12500 Totals 1400 79000 Instructions a) Under FIFO, LIFO and Average cost method compute the cost of ending inventory on July 31. b) Under FIFO, LIFO and Average cost method find the cost of goods sold.

Q#1) Aero Company uses a periodic inventory system. Following is the record for the month of June and July, it is observed that in two months 800 units were sold. Explanation Units Unit Cost Total Cost Date Jun-01 Inventory Jun-15 Purchase Jun-30 Purchase Jul-14 Purchase Jul-28 Purchase 150 50 7500 200 60 12000 300 65 19500 500 55 27500 250 50 12500 Totals 1400 79000 Instructions a) Under FIFO, LIFO and Average cost method compute the cost of ending inventory on July 31. b) Under FIFO, LIFO and Average cost method find the cost of goods sold.

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 following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 55 $ 10 July 13 Purchase 275 11 July 25 Sold (100 ) $ 14 July 31 Ending Inventory 230 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. How would i creat a FIFO periodic table?
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