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 7,000 units of its principal product. The cost of each unit is $9. Inventory transactions for 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 7,000 13,000 * Includes purchase price and cost of freight. Units Purchases Unit Cost* $ 10 11 3,000 1,000 4,000 8,000 12,000 units were on hand at the end of the month. Total Cost $ 60,000 77,000 $ 137,000 Problem 8-5 (Algo) Part 5 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.

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 7,000 units of its principal product. The cost of each unit is $9. Inventory transactions for 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 7,000 13,000 * Includes purchase price and cost of freight. Units Purchases Unit Cost* $ 10 11 3,000 1,000 4,000 8,000 12,000 units were on hand at the end of the month. Total Cost $ 60,000 77,000 $ 137,000 Problem 8-5 (Algo) Part 5 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.

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 7,000 units of its principal product. The cost of each unit is $9.

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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2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system.
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5. Required information Skip to question [The following information applies to the questions displayed below.]Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 3,000 $ 9 $ 27,000 Jan. 18 4,000 10 40,000 Totals 7,000 67,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 2,000 Jan. 12 1,000 Jan. 20 3,000 Total 6,000 5,000 units were on hand at the end of the month.
3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system.
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