Question 1: How did you get an ending inventory of 700 units. Question 2: and how did you get 200 and 500 units labeled in "from jan 18 purchase" and "Jan 31 purchase" Illustration- FIFOThe following data pertain to an inventory item:UnitSalescost Total cost (in units)200UnitsJan. 1 Beginning balance 8008 Sale70050018 Purchase22 Sale31 PurchaseThe ending inventory is 700 units.FIFO - PeriodicFrom Jan. 18 PurchaseFrom Jan. 31 PurchaseUnits200500700Cost of goods soldInventory-January 1Purchases (147,000+ 110,000)Goods available for saleInventory-January 31Cost of goods sold210220160,000147,000110,000Unit cost210220500800Total cost42,000110,000152,000160,000257,000417,000(152,000)265,000

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Description: Question 1: How did you get an ending inventory of 700 units. Question 2: and how did you get 200 and 500 units labeled in "from jan 18 purchase" and "Jan 31 purchase" Illustration- FIFOThe following data pertain to an inventory item:UnitSalescost To

calculation of ending inventory and other requirement are as follows

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Question 1: How did you get an ending inventory of 700 units. Question 2: and how did you get 200 and 500 units labeled in "from jan 18 purchase" and "Jan 31 purchase"

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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