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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 430 units. Ending inventory at January 31 totals 170 units. Units Unit Cost $ 3.80 Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 390 90 4.00 120 4.10 Required: Assume the perpetual inventory system is used. Determine the co assigned based on the FIFO method. assigned to ending inventory when costs are

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 430 units. Ending inventory at January 31 totals 170 units. Units Unit Cost $ 3.80 Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 390 90 4.00 120 4.10 Required: Assume the perpetual inventory system is used. Determine the co assigned based on the FIFO method. assigned to ending inventory when costs are

FINANCIAL ACCOUNTING
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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! 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 430 units. Ending inventory at January 31 totals 170 units. Unit Cost $ 3.80 4.00 Units Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 390 90 120 4.10 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Answer is not coi Perpetual FIFO: Cost of Goods Sold Goods purchased Cost Cost Date # of units Cost of # of units per unit per sold Goods Sold unit January 1 90 at $ 4.00 January 9 Total January 9 120 at $ 4.10 January 25 Total January 25 390 at $ 4.24 1,653.60 January 26 40 O at $ 4.00 160.00 at $ 4.10 0.00 Total January 26 1,813.60
Transcribed Image Text:! 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 430 units. Ending inventory at January 31 totals 170 units. Unit Cost $ 3.80 4.00 Units Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 390 90 120 4.10 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Answer is not coi Perpetual FIFO: Cost of Goods Sold Goods purchased Cost Cost Date # of units Cost of # of units per unit per sold Goods Sold unit January 1 90 at $ 4.00 January 9 Total January 9 120 at $ 4.10 January 25 Total January 25 390 at $ 4.24 1,653.60 January 26 40 O at $ 4.00 160.00 at $ 4.10 0.00 Total January 26 1,813.60
o the questions ginning inventory and uary. On January 26, the rentory at January 31 Units Unit Cost 390 $ 3.80 90 4.00 120 4.10 iystem is used. Determine ntory when costs are iod. Answer is not complete. Perpetual FIFO: Cost of Goods Sold Inventory Balance Cost Cost of units Cost of Inventory Balance # of units per unit per unit sold Goods Sold 390 O at $ 4.24 X = 1,653.60 390 O at $ 4.24 %3D 1,653.60 90 O at $ 4.00 360.00 $ 2,013.60 390 O at $ 4.24 1,653.60 90 V at $ 4.00 360.00 120 O at $ 4.10 492.00 %3D $ 2,505.60 0 at $ 4.24 50 8 at $ 4.24 212.00 1,653.60 0 at $ 4.00 160.00 120 x at $ 4.00 480.00 at $ 4.10 0.00 at $ 4.10 %3D $ 1,813.60 $ 692.00
Transcribed Image Text:o the questions ginning inventory and uary. On January 26, the rentory at January 31 Units Unit Cost 390 $ 3.80 90 4.00 120 4.10 iystem is used. Determine ntory when costs are iod. Answer is not complete. Perpetual FIFO: Cost of Goods Sold Inventory Balance Cost Cost of units Cost of Inventory Balance # of units per unit per unit sold Goods Sold 390 O at $ 4.24 X = 1,653.60 390 O at $ 4.24 %3D 1,653.60 90 O at $ 4.00 360.00 $ 2,013.60 390 O at $ 4.24 1,653.60 90 V at $ 4.00 360.00 120 O at $ 4.10 492.00 %3D $ 2,505.60 0 at $ 4.24 50 8 at $ 4.24 212.00 1,653.60 0 at $ 4.00 160.00 120 x at $ 4.00 480.00 at $ 4.10 0.00 at $ 4.10 %3D $ 1,813.60 $ 692.00
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