Required information [The following information applies to the questions displayed below.] A company began January with 4,000 units of its principal product. The cost of each unit is $8. Inventory transactions for the month of January are as follows: Date of Purchase Units January 19 3,000 Purchases Unit Cost* $ 9 Total Cost January 18 4,000 10 $ 27,000 40,000 Totals 7,000 $ 67,000 *Includes purchase price and cost of freight. Sales Date of Sale Units January 5 2,000 January 12 1,000 January 20 3,000 Total 6,000 5,000 units were on hand at the end of the month. 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. Note: Round average cost per unit to 4 decimal places. Enter sales with a negative sign. Inventory on hand Perpetual Average Number of units Cost per Inventory unit Value Number of units sold Beginning Inventory Sale - January 5 Cost of Goods Sold Average Cost per unit Cost of Goods Sold Subtotal Average Cost Purchase - January 10 Subtotal Average Cost Sale - January 12 Subtotal Average Cost Purchase - January 18 Subtotal Average Cost Sale - January 20 Total
Required information [The following information applies to the questions displayed below.] A company began January with 4,000 units of its principal product. The cost of each unit is $8. Inventory transactions for the month of January are as follows: Date of Purchase Units January 19 3,000 Purchases Unit Cost* $ 9 Total Cost January 18 4,000 10 $ 27,000 40,000 Totals 7,000 $ 67,000 *Includes purchase price and cost of freight. Sales Date of Sale Units January 5 2,000 January 12 1,000 January 20 3,000 Total 6,000 5,000 units were on hand at the end of the month. 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. Note: Round average cost per unit to 4 decimal places. Enter sales with a negative sign. Inventory on hand Perpetual Average Number of units Cost per Inventory unit Value Number of units sold Beginning Inventory Sale - January 5 Cost of Goods Sold Average Cost per unit Cost of Goods Sold Subtotal Average Cost Purchase - January 10 Subtotal Average Cost Sale - January 12 Subtotal Average Cost Purchase - January 18 Subtotal Average Cost Sale - January 20 Total
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 8P: Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning...
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![Required information
[The following information applies to the questions displayed below.]
A company began January with 4,000 units of its principal product. The cost of each unit is $8. Inventory transactions for
the month of January are as follows:
Date of Purchase
Units
January 19
3,000
Purchases
Unit Cost*
$ 9
Total Cost
January 18
4,000
10
$ 27,000
40,000
Totals
7,000
$ 67,000
*Includes purchase price and cost of freight.
Sales
Date of Sale
Units
January 5
2,000
January 12
1,000
January 20
3,000
Total
6,000
5,000 units were on hand at the end of the month.
5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system.
Note: Round average cost per unit to 4 decimal places. Enter sales with a negative sign.
Inventory on hand
Perpetual Average
Number
of units
Cost per Inventory
unit
Value
Number
of units
sold
Beginning Inventory
Sale - January 5
Cost of Goods Sold
Average
Cost per
unit
Cost of
Goods Sold
Subtotal Average Cost
Purchase - January 10
Subtotal Average Cost
Sale - January 12
Subtotal Average Cost
Purchase - January 18
Subtotal Average Cost
Sale - January 20
Total](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0e26cfb3-5d2e-4023-b5f2-fd528e2572b3%2F5f6dfb0f-a3ec-4b33-a19a-8765feb55ef2%2Fnueanps_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
A company began January with 4,000 units of its principal product. The cost of each unit is $8. Inventory transactions for
the month of January are as follows:
Date of Purchase
Units
January 19
3,000
Purchases
Unit Cost*
$ 9
Total Cost
January 18
4,000
10
$ 27,000
40,000
Totals
7,000
$ 67,000
*Includes purchase price and cost of freight.
Sales
Date of Sale
Units
January 5
2,000
January 12
1,000
January 20
3,000
Total
6,000
5,000 units were on hand at the end of the month.
5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system.
Note: Round average cost per unit to 4 decimal places. Enter sales with a negative sign.
Inventory on hand
Perpetual Average
Number
of units
Cost per Inventory
unit
Value
Number
of units
sold
Beginning Inventory
Sale - January 5
Cost of Goods Sold
Average
Cost per
unit
Cost of
Goods Sold
Subtotal Average Cost
Purchase - January 10
Subtotal Average Cost
Sale - January 12
Subtotal Average Cost
Purchase - January 18
Subtotal Average Cost
Sale - January 20
Total
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