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 380 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Date QS 6-5 (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. Goods purchased Cost per unit Units 340 80 110 # of units Unit Cost $ 3.30 # of units sold 3.50 3.60 Perpetual FIFO: Cost of Goods Sold Cost per Cost of Goods unit Sold Inventory Balance Cost per unit # of units Inventory Balance
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 380 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Date QS 6-5 (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. Goods purchased Cost per unit Units 340 80 110 # of units Unit Cost $ 3.30 # of units sold 3.50 3.60 Perpetual FIFO: Cost of Goods Sold Cost per Cost of Goods unit Sold Inventory Balance Cost per unit # of units Inventory Balance
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 380 units. Ending inventory at January 31 totals 150 units.
Beginning inventory on January 1
Purchase on January 9
Purchase on January 25
QS 6-5 (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 11
Goods purchased
Cost per
unit
Units
340
80
110
# of units
Unit Cost
$ 3.30
3.50
3.60
# of
units
sold
Perpetual FIFO:
Cost of Goods Sold
Cost per Cost of Goods
unit
Sold
Inventory Balance
Cost per
unit
# of units
Inventory
Balance](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0d890ea1-0dbe-43c1-a3f1-ec1a8bb17507%2Fbc7086a1-bef6-4493-8f97-ab7745fd34cb%2Foqhsdma_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 380 units. Ending inventory at January 31 totals 150 units.
Beginning inventory on January 1
Purchase on January 9
Purchase on January 25
QS 6-5 (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 11
Goods purchased
Cost per
unit
Units
340
80
110
# of units
Unit Cost
$ 3.30
3.50
3.60
# of
units
sold
Perpetual FIFO:
Cost of Goods Sold
Cost per Cost of Goods
unit
Sold
Inventory Balance
Cost per
unit
# of units
Inventory
Balance
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