The following information was available from the inventory records of Tony Company for January. Assuming the periodic inventory system, what should be the cost of goods sold at January 31, using the FIFO inventory method? Round intermediate calculations to three decimals and final answer to the nearest dollar? Units Balance at January 1 8,100 Purchases: January 6 January 29 Sales: Unit Cost Total Cost $9.77 $79,137 6,000 10.30 9,000 10.71 January 7 (11,100) January 31 (Z.500) Balance at January 314.500 61,800 96,390

The following information was available from the inventory records of Tony Company for January. Assuming the periodic inventory system, what should be the cost of goods sold at January 31, using the FIFO inventory method? Round intermediate calculations to three decimals and final answer to the nearest dollar? Units Balance at January 1 8,100 Purchases: January 6 January 29 Sales: Unit Cost Total Cost $9.77 $79,137 6,000 10.30 9,000 10.71 January 7 (11,100) January 31 (Z.500) Balance at January 314.500 61,800 96,390

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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