Required information Use the following information for the Quick Study below. (Algo) (5-7) [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 390 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 QS 5-5 (Algo) Perpetual: Inventory costing with FIFO LO P1 Date Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. January 1 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26 Goods purchased Cost per unit # of units 80 at $ 3.60 110 at $ 3.70 > Units 350 80 110 # of units sold *** 350✔ 40 390 Unit Cost $ 3.40 3.60 3.70 at Perpetual FIFO: Cost of Goods Sold Xat Cost per unit Answer is not complete. Cost of Goods Sold $ 3.60 $ 3.70 = 144.00 1,443.00 $ 1,587.00 # of units 350 at 350 80 350 80 110 Inventory Balance 40 X 110 X 150 X at at at at at at at at Cost per unit $ 3.60 $ 3.60 $ 3.70 $ 3.60 $ 3.70 = = = = = Inventory Balance 288.00 $288.00 288.00 407.00 $695.00 396.00 555.00 $951.00
Required information Use the following information for the Quick Study below. (Algo) (5-7) [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 390 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 QS 5-5 (Algo) Perpetual: Inventory costing with FIFO LO P1 Date Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. January 1 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26 Goods purchased Cost per unit # of units 80 at $ 3.60 110 at $ 3.70 > Units 350 80 110 # of units sold *** 350✔ 40 390 Unit Cost $ 3.40 3.60 3.70 at Perpetual FIFO: Cost of Goods Sold Xat Cost per unit Answer is not complete. Cost of Goods Sold $ 3.60 $ 3.70 = 144.00 1,443.00 $ 1,587.00 # of units 350 at 350 80 350 80 110 Inventory Balance 40 X 110 X 150 X at at at at at at at at Cost per unit $ 3.60 $ 3.60 $ 3.70 $ 3.60 $ 3.70 = = = = = Inventory Balance 288.00 $288.00 288.00 407.00 $695.00 396.00 555.00 $951.00
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
answer in text form please (without image)
![Required information
Use the following information for the Quick Study below. (Algo) (5-7)
[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 390 units. Ending inventory at January 31 totals 150 units.
Beginning inventory on January
Purchase on January 9
Purchase on January 25
1
QS 5-5 (Algo) Perpetual: Inventory costing with FIFO LO P1
Date
Required:
Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on
the FIFO method.
January 1
January 9
Total January 9
January 25
Total January
25
January 26
Total January
26
Goods purchased
Cost
per
unit
# of units
80
110
at
at
$ 3.60
$ 3.70
>
Units
350
80
110
# of units
sold
350
›››
40 ✓
Unit Cost
$ 3.40
3.60
3.70
$ 3.60
390 X at $ 3.70
Perpetual FIFO:
Cost of Goods Sold
Cost
per
unit
at
Answer is not complete.
Cost of
Goods Sold
144.00
1,443.00
$
1,587.00
# of units
350 at
350
80
350
80
››
333
Inventory Balance
at
110 X
150 X
at
at
at
40 X at
at
at
Cost
per
unit
$ 3.60
$ 3.60
A GA
110 at $ 3.70
$ 3.60
$ 3.70
=
=
=
=
Inventory
Balance
288.00
$288.00
288.00
407.00
$695.00
396.00
555.00
$951.00](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F78a71c06-b101-405f-9f1c-5d16a9da7417%2F195370f8-ca58-46bc-b150-33b4dc0a171b%2Fu8qolk_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
Use the following information for the Quick Study below. (Algo) (5-7)
[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 390 units. Ending inventory at January 31 totals 150 units.
Beginning inventory on January
Purchase on January 9
Purchase on January 25
1
QS 5-5 (Algo) Perpetual: Inventory costing with FIFO LO P1
Date
Required:
Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on
the FIFO method.
January 1
January 9
Total January 9
January 25
Total January
25
January 26
Total January
26
Goods purchased
Cost
per
unit
# of units
80
110
at
at
$ 3.60
$ 3.70
>
Units
350
80
110
# of units
sold
350
›››
40 ✓
Unit Cost
$ 3.40
3.60
3.70
$ 3.60
390 X at $ 3.70
Perpetual FIFO:
Cost of Goods Sold
Cost
per
unit
at
Answer is not complete.
Cost of
Goods Sold
144.00
1,443.00
$
1,587.00
# of units
350 at
350
80
350
80
››
333
Inventory Balance
at
110 X
150 X
at
at
at
40 X at
at
at
Cost
per
unit
$ 3.60
$ 3.60
A GA
110 at $ 3.70
$ 3.60
$ 3.70
=
=
=
=
Inventory
Balance
288.00
$288.00
288.00
407.00
$695.00
396.00
555.00
$951.00
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