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 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 80 100 Unit Cost $ 3.00 3.20 3,34 Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based or the FIFO method. Note: Round your per unit costs to 2 decimal places. Periodic FIFO
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 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 80 100 Unit Cost $ 3.00 3.20 3,34 Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based or the FIFO method. Note: Round your per unit costs to 2 decimal places. Periodic FIFO
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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subject-Accounting
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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 350 units. Ending inventory at January 31 totals 150 units.
Beginning inventory on January 1
Purchase on January 9
Purchase on January 25
Beginning Inventory
Purchases
Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on
the FIFO method.
Note: Round your per unit costs to 2 decimal places.
January 9
January 25
Total
Cost of Goods Available for Sale
Cost of Goods
Available for
Sale
#of
units
0
Cost per
unit
$
S
0
Units
320
80
100
0
0
0
Periodic FIFO
Unit Cost
$ 3.00
3.20
3.34
Cost of Goods Sold
# of units
sold
0
Cost per
unit
Cost of
Goods Sold
$
0
Inventory Balance
Cost per
unit
#of units
in ending
inventory
0
Ending
Inventory
S](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc7fe5a73-45e4-4166-8ba1-50e355550dfc%2Fdae35230-22c2-4819-8c0b-5963f7432e94%2Fkz0fw3_processed.jpeg&w=3840&q=75)
Transcribed Image Text:2
11 of 3
13
its
Skipped
eBook
Hint
Print
Deferences
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 350 units. Ending inventory at January 31 totals 150 units.
Beginning inventory on January 1
Purchase on January 9
Purchase on January 25
Beginning Inventory
Purchases
Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on
the FIFO method.
Note: Round your per unit costs to 2 decimal places.
January 9
January 25
Total
Cost of Goods Available for Sale
Cost of Goods
Available for
Sale
#of
units
0
Cost per
unit
$
S
0
Units
320
80
100
0
0
0
Periodic FIFO
Unit Cost
$ 3.00
3.20
3.34
Cost of Goods Sold
# of units
sold
0
Cost per
unit
Cost of
Goods Sold
$
0
Inventory Balance
Cost per
unit
#of units
in ending
inventory
0
Ending
Inventory
S
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