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
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...
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