!Required information[The following information applies to the questions displayed below.]A company began January with 7,000 units of its principal product. The cost of each unit is $6. Inventory transactions forthe month of January are as follows:Date of PurchaseJanuary 10January 18TotalsTotalDate of SaleJanuary 5January 12January 20Total* Includes purchase price and cost of freight.SalesAverage CostBeginning InventoryPurchases:UnitsJanuary 10January 186,0007,00013,000Units10,000 units were on hand at the end of the month.3,0003,0004,00010,0004. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system.PurchasesUnit Cost*$78Cost of Goods Available for SaleCost ofNumber UnitGoodsof units Cost Available forSale7,000 $6.00 $ 42,0006,000 $ 7.007,000 $ 8.0020,000$Total Cost$ 42,00056,000$ 98,00042,00056,000140,000Cost of Goods Sold - Average CostAverageCost perUnitNumber ofunits soldCost ofGoods SoldGA$0Ending Inventory - Average CostNumber ofAverageunits inCost perendingunitinventoryEndingInventory$0

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Description: !Required information[The following information applies to the questions displayed below.]A company began January with 7,000 units of its principal product. The cost of each unit is $6. Inventory transactions forthe month of January are as follows:D

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Required information [The following information applies to the questions displayed below.] A company began January with 7,000 units of its principal product. The cost of each unit is $6. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals * Includes purchase price and cost of freight. Date of Sale January 5 January 12 January 20 Total Sales Average Cost Units 6,000 7,000 13,000 inning Inventory hases: nuary 10 anuary 18 Units 10,000 units were on hand at the end of the month. 3,000 3,000 4,000 10,000 Purchases. Unit Cost* $7 8 alculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. Cost of Goods Available for Sale Cost of Goods Number Unit of units Cost Available for Sale 7,000 $6.00 $ 42,000 6,000 $ 7.00 7,000 $8.00 20,000 Total Cost $ 42,000 56,000 $ 98,000 42,000 56,000 S 140.000 Cost of Goods Sold - Average Cost Average Cost per Unit Number of units sold Cost of Goods Sold Ending Inventory - Average Cost Number of units in ending inventory Average Cost per unit Ending Inventory $ 0

Required information [The following information applies to the questions displayed below.] A company began January with 7,000 units of its principal product. The cost of each unit is $6. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals * Includes purchase price and cost of freight. Date of Sale January 5 January 12 January 20 Total Sales Average Cost Units 6,000 7,000 13,000 inning Inventory hases: nuary 10 anuary 18 Units 10,000 units were on hand at the end of the month. 3,000 3,000 4,000 10,000 Purchases. Unit Cost* $7 8 alculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. Cost of Goods Available for Sale Cost of Goods Number Unit of units Cost Available for Sale 7,000 $6.00 $ 42,000 6,000 $ 7.00 7,000 $8.00 20,000 Total Cost $ 42,000 56,000 $ 98,000 42,000 56,000 S 140.000 Cost of Goods Sold - Average Cost Average Cost per Unit Number of units sold Cost of Goods Sold Ending Inventory - Average Cost Number of units in ending inventory Average Cost per unit Ending Inventory $ 0

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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2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system.
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Required information [The following information applies to the questions displayed below.] A company began January with 7,000 units of its principal product. The cost of each unit is $6. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Total * Includes purchase price and cost of freight. Date of Sale January 5 January 12 January 20 Total Sales LIFO Beginning Inventory Purchases: Units 6,000 7,000 13,000 January 10 January 18 Units 10,000 units were on hand at the end of the month. 3,000 3,000 4,000 10,000 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. Cost of Goods Available for Sale Cost of Goods Available for Sale Number Cost per of units unit Purchases Unit Cost* $7 8 7,000 $ 6.00 6,000 $ 7.00 7,000 $ 8.00 20,000 $ $ 42,000 Total Cost $ 42,000 56,000 $ 98,000 42,000 56,000 140,000 Cost of Goods Sold - Periodic LIFO Cost of Goods Sold Number of units sold Cost per…
3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system.
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