[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 300 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January Purchase on January 9 Purchase on January 25 Date Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based the FIFO method. January 1 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26 Goods purchased Number of Cost per units unit Units 270 60 100 Number of units sold Unit Cost $2.50 2.70 2,84 Perpetual FIFO Cost of Goods Sold Cost per unit Cost of Goods Sold Inventory Balance Cost per unit Number of units Inventory Balance
[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 300 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January Purchase on January 9 Purchase on January 25 Date Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based the FIFO method. January 1 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26 Goods purchased Number of Cost per units unit Units 270 60 100 Number of units sold Unit Cost $2.50 2.70 2,84 Perpetual FIFO Cost of Goods Sold Cost per unit Cost of Goods Sold Inventory Balance Cost per unit Number of units Inventory Balance
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![[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 300 units. Ending inventory at January 31 totals 130 units.
Beginning inventory on January
Purchase on January 9
Purchase on January 25
Date
Required:
Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based o
the FIFO method.
January 1
January 9
Total January 9
January 25
Total January 25
January 26
Total January 26
Goods purchased
Number of Cost per
units
unit
Units
270
60
100
Number
of units
sold
Unit Cost
$2.50
2.70
2.84
Perpetual FIFO
Cost of Goods Sold
Cost of
Goods Sold
Cost per
unit
Inventory Balance
Number of
units
Cost per Inventory
unit Balance](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fad2a539d-bb47-4eed-bc0e-d796c95bfe57%2F80861e86-4ba5-44a4-a7c5-6bf0e4973094%2Fgj1phc_processed.jpeg&w=3840&q=75)
Transcribed Image Text:[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 300 units. Ending inventory at January 31 totals 130 units.
Beginning inventory on January
Purchase on January 9
Purchase on January 25
Date
Required:
Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based o
the FIFO method.
January 1
January 9
Total January 9
January 25
Total January 25
January 26
Total January 26
Goods purchased
Number of Cost per
units
unit
Units
270
60
100
Number
of units
sold
Unit Cost
$2.50
2.70
2.84
Perpetual FIFO
Cost of Goods Sold
Cost of
Goods Sold
Cost per
unit
Inventory Balance
Number of
units
Cost per Inventory
unit Balance
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