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 $6. Inventory transactions for the month of January are as follows:Date of Purchase January 10 January 18 Totals Units6, 0007,00013, 000 Purchases Unit Cost*$ 7Total Cost$ 42,00056,000$ 98,000* Includes purchase price and cost of freight.Sales Date of Sale January 5 January 12January 26 Total Units3, 0003,0004, 00010, 00010,000 units were on hand at the end of the month. Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. FIFOCost of Goods Available for SaleCost of Goods Sold - Periodic FIFOEnding Inventory - Periodic FIFO
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 $6. Inventory transactions for the month of January are as follows:Date of Purchase January 10 January 18 Totals Units6, 0007,00013, 000 Purchases Unit Cost*$ 7Total Cost$ 42,00056,000$ 98,000* Includes purchase price and cost of freight.Sales Date of Sale January 5 January 12January 26 Total Units3, 0003,0004, 00010, 00010,000 units were on hand at the end of the month. Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. FIFOCost of Goods Available for SaleCost of Goods Sold - Periodic FIFOEnding Inventory - Periodic FIFO
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 7,000 units of its principal product. The cost of each unit is $6.
Inventory transactions for the month of January are as follows:Date of Purchase January 10 January
18 Totals Units6, 0007,00013, 000 Purchases Unit Cost*$ 7Total Cost$ 42,00056,000$ 98,000*
Includes purchase price and cost of freight.Sales Date of Sale January 5 January 12January 26
Total Units3, 0003,0004, 00010, 00010,000 units were on hand at the end of the month. Required:
1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic
system. FIFOCost of Goods Available for SaleCost of Goods Sold - Periodic FIFOEnding Inventory
- Periodic FIFO](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fac4f9fdc-f62f-40e0-8de8-8002bbe958fb%2F309f400c-8247-4738-8e9d-dd9fab69b357%2F25r2emn_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 7,000 units of its principal product. The cost of each unit is $6.
Inventory transactions for the month of January are as follows:Date of Purchase January 10 January
18 Totals Units6, 0007,00013, 000 Purchases Unit Cost*$ 7Total Cost$ 42,00056,000$ 98,000*
Includes purchase price and cost of freight.Sales Date of Sale January 5 January 12January 26
Total Units3, 0003,0004, 00010, 00010,000 units were on hand at the end of the month. Required:
1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic
system. FIFOCost of Goods Available for SaleCost of Goods Sold - Periodic FIFOEnding Inventory
- Periodic FIFO
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