Required information [The following information applies to the questions displayed below.] A company began January with 8,000 units of its principal product. The cost of each unit is $9. Inventory transactions for the month of January are as follows: Date of Purchase Units January 10 5,000 January 18 8,000 Totals 13,000 Total Includes purchase price and cost of freight. Date of Sale January 5 January 12 January 20 Total Perpetual FIFO: Sales Beginning Inventory Purchases: January 10 January 18 Units 11,000 units were on hand at the end of the month. 3,000 3,000 4,000 10,000 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. Purchases Unit Cost $ 10 11 Cost of Goods Available for Sale Cost of Goods Sold - January 5 Cost of Goods Number Unit of units Cost Available for Sale 8,000 $9.00 $ 5,000 10.00 8,000 11.00 21,000 S Total Cost $ 50,000 88,000 $ 138,000 72,000 50,000 88,000 210,000 Number of units sold 0 0 0 Cost per unit $. Cost of Goods Sold 9.00 $ 10.00 11.00 $ 0 0 0 0 Cost of Goods Sold - January 12 Number of units sold 0 Cost per unit $ Cost of Goods Sold 9.00 $ 10.00 11.00 $ 0 0 0 0 Cost of Goods Sold-January 20 Number of units sold 0 Cost per unit Cost of Goods Sold $ 9.00 $ 10.00 11.00 $ 0 0 0 0 Inventory Balance Cost per unit Number of units in ending inventory 0 $ Ending Inventory 9.00 $ 10.00 11.00 $
Required information [The following information applies to the questions displayed below.] A company began January with 8,000 units of its principal product. The cost of each unit is $9. Inventory transactions for the month of January are as follows: Date of Purchase Units January 10 5,000 January 18 8,000 Totals 13,000 Total Includes purchase price and cost of freight. Date of Sale January 5 January 12 January 20 Total Perpetual FIFO: Sales Beginning Inventory Purchases: January 10 January 18 Units 11,000 units were on hand at the end of the month. 3,000 3,000 4,000 10,000 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. Purchases Unit Cost $ 10 11 Cost of Goods Available for Sale Cost of Goods Sold - January 5 Cost of Goods Number Unit of units Cost Available for Sale 8,000 $9.00 $ 5,000 10.00 8,000 11.00 21,000 S Total Cost $ 50,000 88,000 $ 138,000 72,000 50,000 88,000 210,000 Number of units sold 0 0 0 Cost per unit $. Cost of Goods Sold 9.00 $ 10.00 11.00 $ 0 0 0 0 Cost of Goods Sold - January 12 Number of units sold 0 Cost per unit $ Cost of Goods Sold 9.00 $ 10.00 11.00 $ 0 0 0 0 Cost of Goods Sold-January 20 Number of units sold 0 Cost per unit Cost of Goods Sold $ 9.00 $ 10.00 11.00 $ 0 0 0 0 Inventory Balance Cost per unit Number of units in ending inventory 0 $ Ending Inventory 9.00 $ 10.00 11.00 $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information
[The following information applies to the questions displayed below.]
A company began January with 8,000 units of its principal product. The cost of each unit is $9. Inventory transactions for
the month of January are as follows:
Date of Purchase
January 10
January 18
Totals
Total
Date of Sale
January 5
January 12
January 20
Total
Includes purchase price and cost of freight.
Perpetual FIFO:
Sales
Beginning Inventory
Purchases:
January 10
January 18
Units
5,000
8,000
13,000
11,000 units were on hand at the end of the month.
Units
3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system.
3,000
3,000
4,000
10,000
5,000
8,000
21,000
Purchases
Unit Cost*
$ 10
11
Cost of Goods Available for Sale
Cost of
Number Unit
Goods
of units Cost Available for
Sale
8,000 $9.00 $ 72,000
10.00
11.00
Total Cost
$ 50,000
88,000
$ 138,000
50,000
88,000
$ 210,000
Cost of Goods Sold - January 5
Number
of units
sold
0
0
0
Cost per
unit
$
Cost of
Goods Sold
9.00 $
10.00
11.00
200
$
0
0
0
0
Cost of Goods Sold-January 12
Number
of units
sold
0
Cost per
unit
$
9.00
10.00
11.00
Cost of
Goods Sold
$
$
9
0
0
0
0
Cost of Goods Sold - January 20
Number
of units
sold
0
Cost per
unit
$
9.00
10.00
11.00
Cost of
Goods Sold
S
$
0
0
0
0
Inventory Balance
Number of
units in
ending
Inventory
0
Cost per
unit
$ 9.00
10.00
11.00
Ending
Inventory
$
$
0
0
0
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fea421ce7-3402-488c-a582-5185b4011556%2Fe7fd0109-34f8-403a-9608-0dfc98709a5e%2Fkmxksk_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
A company began January with 8,000 units of its principal product. The cost of each unit is $9. Inventory transactions for
the month of January are as follows:
Date of Purchase
January 10
January 18
Totals
Total
Date of Sale
January 5
January 12
January 20
Total
Includes purchase price and cost of freight.
Perpetual FIFO:
Sales
Beginning Inventory
Purchases:
January 10
January 18
Units
5,000
8,000
13,000
11,000 units were on hand at the end of the month.
Units
3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system.
3,000
3,000
4,000
10,000
5,000
8,000
21,000
Purchases
Unit Cost*
$ 10
11
Cost of Goods Available for Sale
Cost of
Number Unit
Goods
of units Cost Available for
Sale
8,000 $9.00 $ 72,000
10.00
11.00
Total Cost
$ 50,000
88,000
$ 138,000
50,000
88,000
$ 210,000
Cost of Goods Sold - January 5
Number
of units
sold
0
0
0
Cost per
unit
$
Cost of
Goods Sold
9.00 $
10.00
11.00
200
$
0
0
0
0
Cost of Goods Sold-January 12
Number
of units
sold
0
Cost per
unit
$
9.00
10.00
11.00
Cost of
Goods Sold
$
$
9
0
0
0
0
Cost of Goods Sold - January 20
Number
of units
sold
0
Cost per
unit
$
9.00
10.00
11.00
Cost of
Goods Sold
S
$
0
0
0
0
Inventory Balance
Number of
units in
ending
Inventory
0
Cost per
unit
$ 9.00
10.00
11.00
Ending
Inventory
$
$
0
0
0
0
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