Required informationProblem 8-5 (Algo) Various inventory costing methods [LO8-1, 8-4][The following information applies to the questions displayed below.]A company began January with 8,000 units of its principal product. The cost of each unit is $7. Inventory transactions forthe month of January are as follows:Date of PurchaseJanuary 10January 18TotalsUnits6,0008,00014,000* Includes purchase price and cost of freight.SalesDate of SaleJanuary 5January 12January 20TotalPurchasesUnit Cost*$89Units4,0002,0005,00011,00011,000 units were on hand at the end of the month.Total Cost$ 48,00072,000$ 120,000 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system.LIFOBeginning InventoryPurchases:January 10January 18TotalCost of Goods Available for SaleCost ofGoodsAvailable forSale56,000Number Cost perof units unit8,000 $7.00 $6,000 $8.008,000 $9.0022,00048,00072,000$ 176,000Cost of Goods Sold - Periodic LIFONumber ofunits soldCost perunitCost ofGoods Sold$7.00$8.00$ 9.00Ending Inventory - Periodic LIFONumber ofunits inendinginventoryCost per EndingunitInventory$$$7.008.009.00

Name: Required informationProblem 8-5 (Algo) Various inventory costing meth
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Description: Required informationProblem 8-5 (Algo) Various inventory costing methods [LO8-1, 8-4][The following information applies to the questions displayed below.]A company began January with 8,000 units of its principal product. The cost of each unit is $7.

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Required information Problem 8-5 (Algo) Various inventory costing methods [LO8-1, 8-4] The following information applies to the questions displayed below.] A company began January with 8,000 units of its principal product. The cost of each unit is $7. Inventory transactions fo the month of January are as follows: Date of Purchase January 10 January 18 Totals Sales Units Date of Sale January 5 January 12 January 20 Total 6,000 8,000 14,000 Includes purchase price and cost of freight. Units 4,000 2,000 5,000 11,000 Purchases Unit Cost $8 1000 unite wore on hand at the f the month Total Cost $ 48,000 72,000 $ 120,000

Required information Problem 8-5 (Algo) Various inventory costing methods [LO8-1, 8-4] The following information applies to the questions displayed below.] A company began January with 8,000 units of its principal product. The cost of each unit is $7. Inventory transactions fo the month of January are as follows: Date of Purchase January 10 January 18 Totals Sales Units Date of Sale January 5 January 12 January 20 Total 6,000 8,000 14,000 Includes purchase price and cost of freight. Units 4,000 2,000 5,000 11,000 Purchases Unit Cost $8 1000 unite wore on hand at the f the month Total Cost $ 48,000 72,000 $ 120,000

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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A company began January with 7,000 units of its principal product. The cost of each unit is $6. Inventory transactions for the month of January are as follows: Date of Purchase Units January 10 6,000 Purchases Unit Cost✶ $ 7 Total Cost January 18 7,000 8 $ 42,000 56,000 Totals 13,000 $ 98,000 *Includes purchase price and cost of freight. Sales Date of Sale Units January 5 3,000 January 12 3,000 January 20 4,000 Total 10,000 10,000 units were on hand at the end of the month. 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. Note: Round average cost per unit to 4 decimal places. Enter sales with a negative sign. Inventory on hand Perpetual Average Number of units Cost per unit Inventory Value Number of units sold Average Cost per unit Cost of Goods Sold Cost of Goods Sold Beginning Inventory Sale - January 5 Subtotal Average Cost Purchase - January 10 Subtotal Average Cost Sale - January 12 Subtotal Average Cost Purchase -…
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Required information [The following information applies to the questions displayed below.] A company began January with 7,000 units of its principal product. The cost of each unit is $6. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Total * Includes purchase price and cost of freight. Date of Sale January 5 January 12 January 20 Total Sales LIFO Beginning Inventory Purchases: Units 6,000 7,000 13,000 January 10 January 18 Units 10,000 units were on hand at the end of the month. 3,000 3,000 4,000 10,000 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. Cost of Goods Available for Sale Cost of Goods Available for Sale Number Cost per of units unit Purchases Unit Cost* $7 8 7,000 $ 6.00 6,000 $ 7.00 7,000 $ 8.00 20,000 $ $ 42,000 Total Cost $ 42,000 56,000 $ 98,000 42,000 56,000 140,000 Cost of Goods Sold - Periodic LIFO Cost of Goods Sold Number of units sold Cost per…
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