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 260 units. Ending inventory at January 31 totals 120 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 230 50 100 Unit Cost $ 2.10 2.30 2.44 QS 5-5 (Algo) Perpetual: Inventory costing with FIFO LO P1 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.
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 260 units. Ending inventory at January 31 totals 120 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 230 50 100 Unit Cost $ 2.10 2.30 2.44 QS 5-5 (Algo) Perpetual: Inventory costing with FIFO LO P1 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 260 units. Ending inventory at January 31 totals 120 units.
Beginning inventory on January 1
Purchase on January 9
Purchase on January 25
Date
QS 5-5 (Algo) Perpetual: Inventory costing with FIFO LO P1
January 1
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 9
Total January 9
January 25
Total January 25
January 26
Total January 26
Goods purchased
Cost per
unit
# of units
50 at
$ 2.30
100 at $ 2.44
# of
units
sold
Units
230
50
100
Perpetual FIFO:
Cost of Goods Sold
230 at
Unit Cost
$ 2.10
$ 2.10 =
2.30 =
$ 2.44 =
at $
at
2.30
2.44
Cost per Cost of Goods
unit
Sold
$
483.00
0.00
0.00
$ 483.00
Inventory Balance
Cost per
unit
# of units
230 at
$
230 at $
50 at $
at
at
100 at
2.10 =
2.10 =
2.30 =
$
2.10 =
230 at
50 at $
2.30 =
100 at $ 2.44 =
$
2.10 =
$ 2.30 =
$ 2.44 =
Inventory
Balance
$ 483.00
$ 483.00
115.00
$ 598.00
$ 483.00
115.00
244.00
$ 842.00
244.00
$ 244.00](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3767972f-3214-400b-8b16-9d53654b165b%2F45cda5e3-3f31-4907-9b9d-d68b332e1f66%2Fucssgbj_processed.png&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 260 units. Ending inventory at January 31 totals 120 units.
Beginning inventory on January 1
Purchase on January 9
Purchase on January 25
Date
QS 5-5 (Algo) Perpetual: Inventory costing with FIFO LO P1
January 1
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 9
Total January 9
January 25
Total January 25
January 26
Total January 26
Goods purchased
Cost per
unit
# of units
50 at
$ 2.30
100 at $ 2.44
# of
units
sold
Units
230
50
100
Perpetual FIFO:
Cost of Goods Sold
230 at
Unit Cost
$ 2.10
$ 2.10 =
2.30 =
$ 2.44 =
at $
at
2.30
2.44
Cost per Cost of Goods
unit
Sold
$
483.00
0.00
0.00
$ 483.00
Inventory Balance
Cost per
unit
# of units
230 at
$
230 at $
50 at $
at
at
100 at
2.10 =
2.10 =
2.30 =
$
2.10 =
230 at
50 at $
2.30 =
100 at $ 2.44 =
$
2.10 =
$ 2.30 =
$ 2.44 =
Inventory
Balance
$ 483.00
$ 483.00
115.00
$ 598.00
$ 483.00
115.00
244.00
$ 842.00
244.00
$ 244.00
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