Required information Skip to question [The following information applies to the questions displayed below.] A company began January with 9, 000 units of its principal product. The cost of each unit is S 8. Inventory transactions for the month of January are as follows: Date of Purchase Purchases Units Unit Cost Footnote asterisk Total Cost January 10 6,000 S 9 $ 54, 000 January 18 9,000 10 90,000 Totals 15, 000 $ 144, 000 *Footnote asterisk Includes purchase price and cost of freight. Sales Date of Sale Units January 5 5,000 January 12 3, 000 January 20 6, 000 Total 14,000 10,000 units were on hand at the end of the month. 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. LIFO Cost of Goods Available for Sale Cost of Goods Sold Periodic LIFO Ending Inventory - Periodic LIFO Number of units Cost per unit Cost of Goods Available for Sale Number of units sold Cost per unit Cost of Goods Sold Number of units in ending inventory Cost per unit Ending Inventory Beginning Inventory 9,000 $8.00 $72, 000 $8.00 $0 $8.00 $0 Purchases: January 10 6,000 $9.00 54,000 $9.00 0 $9.00 0 January 18 9, 000 $10.00 90,000 $10.00 0 $10.00 0 Total 24,000 $216,000 0 $0 0 $0
Required information Skip to question [The following information applies to the questions displayed
below.] A company began January with 9, 000 units of its principal product. The cost of each unit is S 8. Inventory transactions for the month of January are as follows: Date of Purchase Purchases Units Unit Cost Footnote asterisk Total Cost January 10 6,000 S 9 $ 54, 000 January 18 9,000 10 90,000 Totals 15, 000 $ 144, 000 *Footnote asterisk Includes purchase price and cost of freight. Sales Date of Sale Units January 5 5,000 January 12 3, 000 January 20 6, 000 Total 14,000 10,000 units were on hand at the end of the month. 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. LIFO Cost of Goods Available for Sale Cost of Goods Sold Periodic LIFO Ending Inventory - Periodic LIFO Number of units Cost per unit Cost of Goods Available for Sale Number of units sold Cost per unit Cost of Goods Sold Number of units in ending inventory Cost per unit Ending Inventory Beginning Inventory 9,000 $8.00 $72, 000 $8.00 $0 $8.00 $0 Purchases: January 10 6,000 $9.00 54,000 $9.00 0 $9.00 0 January 18 9, 000 $10.00 90,000 $10.00 0
$10.00 0 Total 24,000 $216,000 0 $0 0 $0
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