ormation applies to the questionsts the following beginning inventory andr the month of January. On January 26, theO units. Ending inventory at January 31UnitsUnit Cost380$ 3.70tory on January 1nuary 9903.90nuary 251204.00tual inventory system is used. Determineto ending inventory when costs arethe FIFO method.Perpetual FIFO:Is purchasedCost of Goods SoldnitsCost per Cost of GoodsunitSoldCost perunit# ofunitssoldInventory BalanceCost perunit# of unitsInventoryBalance [The following information applies to the questionsdisplayed below.]A company reports the following beginning inventory andtwo purchases for the month of January. On January 26, thecompany sells 420 units. Ending inventory at January 31totals 170 units.UnitsUnit Cost380$ 3.70Beginning inventory on January 1Purchase on January 9903.90Purchase on January 251204.00Required:Assume the perpetual inventory system is used. Determinethe costs assigned to ending inventory when costs areassigned based on the FIFO method.Perpetual FIFO:Cost of Goods SoldGoods purchasedInDate# of unitsCost perunitCost per Cost of GoodsunitSoldJanuary 1January 9Total January 9January 25Total January 25January 26Total January 26# ofunitssold# of units

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Description: ormation applies to the questionsts the following beginning inventory andr the month of January. On January 26, theO units. Ending inventory at January 31UnitsUnit Cost380$ 3.70tory on January 1nuary 9903.90nuary 251204.00tual inventory system is us

Answer FIFO (First in first out) It is the method of recording inventory in which we assume that the…

Answered: Required: Assume the perpetual…

Business

Accounting

Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4PB: The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are...

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