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
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...
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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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F77b312da-d2ed-4179-a84e-623485f1f533%2F5beccc22-0387-4e83-b3e0-5264b4ef80d7%2Fuvwpuyf_processed.jpeg&w=3840&q=75)
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F77b312da-d2ed-4179-a84e-623485f1f533%2F5beccc22-0387-4e83-b3e0-5264b4ef80d7%2Ftlpsscf_processed.jpeg&w=3840&q=75)
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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