Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Date January 1 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26 Goods purchased # of units Cost per unit # of units sold Perpetual FIFO: Cost of Goods Sold Cost per Cost of Goods Sold unit Inventory Balance Cost per unit # of units Inventory Balance S 0.00
Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Date January 1 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26 Goods purchased # of units Cost per unit # of units sold Perpetual FIFO: Cost of Goods Sold Cost per Cost of Goods Sold unit Inventory Balance Cost per unit # of units Inventory Balance S 0.00
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Required:
Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on
the FIFO method.
Date
January 1
January 9
Total January 9
January 25
Total January 25
January 26
Total January 26
Goods purchased
# of units
Cost per
unit
# of
units
sold
Perpetual FIFO:
Cost of Goods Sold
Cost per Cost of Goods
Sold
unit
Inventory Balance
Cost per
unit
# of units
Inventory
Balance
S
0.00
![Required information.
Use the following information for the Quick Study 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 380 units. Ending inventory at January 31 totals 150 units.
Beginning inventory on January 1
Purchase on January 9
Purchase on January 25
Units
340
80
110
Unit Cost
$ 3.30
3.50
3.60](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F385d8622-8ad1-4a88-ab83-8f7dc3683b93%2F09b0c323-3038-4e4c-b569-c2a436f40858%2Fjmei4b_processed.png&w=3840&q=75)
Transcribed Image Text:Required information.
Use the following information for the Quick Study 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 380 units. Ending inventory at January 31 totals 150 units.
Beginning inventory on January 1
Purchase on January 9
Purchase on January 25
Units
340
80
110
Unit Cost
$ 3.30
3.50
3.60
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