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Required information [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 280 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Date Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based or the LIFO method January 1 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26 Goods purchased # of units Date Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 January 11 Cost per # of units sold unit January 9 Average cost January 9 January 25 Average cost January 25 January 26 Total January 26 Units 250 60 100 Required information [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 280 units. Ending inventory at January 31 totals 130 units. Goods purchased of units Perpetual LIFO Cost of Goods Sold Cost per Unit Cost $ 2.30 2.50 2.64 Cost per Cost of Goods unit Sold Units 250 60 100 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.) Unit Cost $ 2.30 2.50 2.64 # of units sold of units Weighted Average Perpetual Cost of Goods Sold Cost per unit Inventory Balance Cost per unit Cost of Goods Sold Inventory Balance of units Inventory Balance Cost per unit Inventory Balance

Required information [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 280 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Date Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based or the LIFO method January 1 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26 Goods purchased # of units Date Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 January 11 Cost per # of units sold unit January 9 Average cost January 9 January 25 Average cost January 25 January 26 Total January 26 Units 250 60 100 Required information [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 280 units. Ending inventory at January 31 totals 130 units. Goods purchased of units Perpetual LIFO Cost of Goods Sold Cost per Unit Cost $ 2.30 2.50 2.64 Cost per Cost of Goods unit Sold Units 250 60 100 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.) Unit Cost $ 2.30 2.50 2.64 # of units sold of units Weighted Average Perpetual Cost of Goods Sold Cost per unit Inventory Balance Cost per unit Cost of Goods Sold Inventory Balance of units Inventory Balance Cost per unit Inventory Balance

FINANCIAL ACCOUNTING
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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Required information [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 280 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Date Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based or the LIFO method. January 1 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26 Goods purchased #of units Cost per # of units unit sold Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Required information [The following information applies to the questions displayed below] Date January 11 January 9 Units 250 60 100 Average cost January 9 A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 280 units. Ending inventory at January 31 totals 130 units. January 25 Average cost January 25 January 26 Total January 26 Unit Cost $ 2.30 2.50 2.64 Perpetual LIFO: Cost of Goods Sold Goods purchased of units Cost per unit Cost per Cost of Goods unit Sold Units 250 60 100 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.) #of units Unit Cost $ 2.30 2.50 2.64 # of units sold Weighted Average Perpetual: Cost of Goods Sold Inventory Balance Cost per unit Cost per Cost of Goods unit Sold Inventory Balance # of units Inventory Balance Cost per unit Inventory Balance
Transcribed Image Text:Required information [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 280 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Date Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based or the LIFO method. January 1 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26 Goods purchased #of units Cost per # of units unit sold Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Required information [The following information applies to the questions displayed below] Date January 11 January 9 Units 250 60 100 Average cost January 9 A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 280 units. Ending inventory at January 31 totals 130 units. January 25 Average cost January 25 January 26 Total January 26 Unit Cost $ 2.30 2.50 2.64 Perpetual LIFO: Cost of Goods Sold Goods purchased of units Cost per unit Cost per Cost of Goods unit Sold Units 250 60 100 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.) #of units Unit Cost $ 2.30 2.50 2.64 # of units sold Weighted Average Perpetual: Cost of Goods Sold Inventory Balance Cost per unit Cost per Cost of Goods unit Sold Inventory Balance # of units Inventory Balance Cost per unit Inventory Balance
Required information [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 280 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Date Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. January 11 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26 Goods purchased #of units Cost per unit . Units 250 60 100 # of units sold Unit Cost $ 2.30 2.50 2.64 Perpetual EIEO: Cost of Goods Sold Cost per Cost of Goods Sold Inventory Balance Cost per unit #of units Inventory Balance
Transcribed Image Text:Required information [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 280 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Date Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. January 11 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26 Goods purchased #of units Cost per unit . Units 250 60 100 # of units sold Unit Cost $ 2.30 2.50 2.64 Perpetual EIEO: Cost of Goods Sold Cost per Cost of Goods Sold Inventory Balance Cost per unit #of units Inventory Balance
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