Required information [The following information applies to the questions displayed below] Martin has a bird shop that sells canaries. Martin maintains accurate records on the number of birds purchased from its suppliers and the number sold to customers. The records show the following purchases and sales during 2024. Date January 1 April 14 August 22 October 29 Transactions Beginning inventory Purchase Purchase Purchase Units 32 77 127 92 320 277 Ending inventory Cost of goods sold Unit Cost $37 39 41 43 Total Cost $1,184 3,003 5,207 3,956 $13,350 January 1 to December 31 Sales ($57 each) Martin uses a periodic inventory system and believes there are 51 birds remaining in ending inventory. However, Martin neglects to make a final inventory count at the end of the year. An employee accidentally left one of the cages open one night and 10 birds flew away, leaving only 41 birds in ending inventory Martin is not aware of the lost canaries. Required: What amount will Martin calculate for ending inventory and cost of goods sold using FIFO, assuming he erroneously believes 51 canaries remain in ending inventory?
Required information [The following information applies to the questions displayed below] Martin has a bird shop that sells canaries. Martin maintains accurate records on the number of birds purchased from its suppliers and the number sold to customers. The records show the following purchases and sales during 2024. Date January 1 April 14 August 22 October 29 Transactions Beginning inventory Purchase Purchase Purchase Units 32 77 127 92 320 277 Ending inventory Cost of goods sold Unit Cost $37 39 41 43 Total Cost $1,184 3,003 5,207 3,956 $13,350 January 1 to December 31 Sales ($57 each) Martin uses a periodic inventory system and believes there are 51 birds remaining in ending inventory. However, Martin neglects to make a final inventory count at the end of the year. An employee accidentally left one of the cages open one night and 10 birds flew away, leaving only 41 birds in ending inventory Martin is not aware of the lost canaries. Required: What amount will Martin calculate for ending inventory and cost of goods sold using FIFO, assuming he erroneously believes 51 canaries remain in ending inventory?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![nces
Required information
[The following information applies to the questions displayed below.]
Martin has a bird shop that sells canaries. Martin maintains accurate records on the number of birds purchased from its
suppliers and the number sold to customers. The records show the following purchases and sales during 2024.
Date
January 1
April 14
August 22
October 29
Transactions
Beginning inventory
Purchase
Purchase
Purchase
Ending inventory
Cost of goods sold
Units
32
77
127
192
328
277
Unit Cost
$37
39
41
43
Total Cost
$1,184
3,003
5,207
3,956
$13,350
January 1 to December 31
Sales ($57 each)
Martin uses a periodic inventory system and believes there are 51 birds remaining in ending inventory. However, Martin)
neglects to make a final inventory count at the end of the year. An employee accidentally left one of the cages open one
night and 10 birds flew away, leaving only 41 birds in ending inventory Martin is not aware of the lost canaries.
Required:
What amount will Martin calculate for ending inventory and cost of goods sold using FIFO, assuming he erroneously believes 51
canaries remain in ending inventory?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F219aee74-c2e7-4b0f-b056-c3621e072259%2F98b53bab-d6a5-4a35-9239-7628dda9bbdc%2Fs5o5c5_processed.jpeg&w=3840&q=75)
Transcribed Image Text:nces
Required information
[The following information applies to the questions displayed below.]
Martin has a bird shop that sells canaries. Martin maintains accurate records on the number of birds purchased from its
suppliers and the number sold to customers. The records show the following purchases and sales during 2024.
Date
January 1
April 14
August 22
October 29
Transactions
Beginning inventory
Purchase
Purchase
Purchase
Ending inventory
Cost of goods sold
Units
32
77
127
192
328
277
Unit Cost
$37
39
41
43
Total Cost
$1,184
3,003
5,207
3,956
$13,350
January 1 to December 31
Sales ($57 each)
Martin uses a periodic inventory system and believes there are 51 birds remaining in ending inventory. However, Martin)
neglects to make a final inventory count at the end of the year. An employee accidentally left one of the cages open one
night and 10 birds flew away, leaving only 41 birds in ending inventory Martin is not aware of the lost canaries.
Required:
What amount will Martin calculate for ending inventory and cost of goods sold using FIFO, assuming he erroneously believes 51
canaries remain in ending inventory?
![es
Required information.
[The following information applies to the questions displayed below]
Martin has a bird shop that sells canaries. Martin maintains accurate records on the number of birds purchased from its
suppliers and the number sold to customers. The records show the following purchases and sales during 2024.
Date
January 1
April 14
August 22
October 29
Transactions
Beginning inventory
Purchase
Purchase
Purchase
Ending inventory
Cost of goods sold
Units
32
77
127
92
328
277
Unit Cost
$37
39
41
43
Total Cost
$1,184
3,003
5,207
3,956
$13,350
January 1 to December 31
Sales ($57 each)
Martin uses a periodic inventory system and believes there are 51 birds remaining in ending inventory. However, Martin
neglects to make a final inventory count at the end of the year. An employee accidentally left one of the cages open one
night and 10 birds flew away, leaving only 41 birds in ending inventory. Martin is not aware of the lost canaries.
What amount would Martin calculate for ending inventory and cost of goods sold using FIFO if he knew that only 41 canaries remain
in ending inventory?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F219aee74-c2e7-4b0f-b056-c3621e072259%2F98b53bab-d6a5-4a35-9239-7628dda9bbdc%2Fybeafc7q_processed.jpeg&w=3840&q=75)
Transcribed Image Text:es
Required information.
[The following information applies to the questions displayed below]
Martin has a bird shop that sells canaries. Martin maintains accurate records on the number of birds purchased from its
suppliers and the number sold to customers. The records show the following purchases and sales during 2024.
Date
January 1
April 14
August 22
October 29
Transactions
Beginning inventory
Purchase
Purchase
Purchase
Ending inventory
Cost of goods sold
Units
32
77
127
92
328
277
Unit Cost
$37
39
41
43
Total Cost
$1,184
3,003
5,207
3,956
$13,350
January 1 to December 31
Sales ($57 each)
Martin uses a periodic inventory system and believes there are 51 birds remaining in ending inventory. However, Martin
neglects to make a final inventory count at the end of the year. An employee accidentally left one of the cages open one
night and 10 birds flew away, leaving only 41 birds in ending inventory. Martin is not aware of the lost canaries.
What amount would Martin calculate for ending inventory and cost of goods sold using FIFO if he knew that only 41 canaries remain
in ending inventory?
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