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Units Unit cost Total cost Jan.1 Beginning balance 5 Purchase 15 Sale 10,000 150 1,500,000 10,000 180 1,800,000 (15,000) 1,000 16 Sale return 25 Purchase 3,500 9,500 200 700,000 31 Ending balance 14. If the FIFO periodic cost flow method is used, what is the cost of ending inventory on January 31?

Units Unit cost Total cost Jan.1 Beginning balance 5 Purchase 15 Sale 10,000 150 1,500,000 10,000 180 1,800,000 (15,000) 1,000 16 Sale return 25 Purchase 3,500 9,500 200 700,000 31 Ending balance 14. If the FIFO periodic cost flow method is used, what is the cost of ending inventory on January 31?

FINANCIAL ACCOUNTING
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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Units Unit cost Total cost Jan.1 Beginning balance 5 Purchase 10,000 150 1,500,000 10,000 180 1,800,000 15 Sale 16 Sale return (15,000) 1,000 3,500 9,500 25 Purchase 200 700,000 31 Ending balance 14. If the FIF0 periodic cost flow method is used, what is the cost of ending inventory on January 31? a. 1,780,000 b. 1,690,000 1,425,000 d. 1,900,000 с. 15. If the FIFO periodic cost flow method is used, what is the cost of sale for January? а. 2,220,000 b. 2,310,000 c. 2,575,000 d. 2,100,000 16. If the FIFO perpetual cost flow method is used, what is the cost of sale for January? a. 2,220,000 b. 2,310,000 c. 2,575,000 d. 2,100,000 17. If the FIFO perpetual cost flow method is used, what is the cost of ending inventory on January 31? a. 1,780,000 b. 1,690,000 c. 1,425,000 d. 1,900,000
Transcribed Image Text:Units Unit cost Total cost Jan.1 Beginning balance 5 Purchase 10,000 150 1,500,000 10,000 180 1,800,000 15 Sale 16 Sale return (15,000) 1,000 3,500 9,500 25 Purchase 200 700,000 31 Ending balance 14. If the FIF0 periodic cost flow method is used, what is the cost of ending inventory on January 31? a. 1,780,000 b. 1,690,000 1,425,000 d. 1,900,000 с. 15. If the FIFO periodic cost flow method is used, what is the cost of sale for January? а. 2,220,000 b. 2,310,000 c. 2,575,000 d. 2,100,000 16. If the FIFO perpetual cost flow method is used, what is the cost of sale for January? a. 2,220,000 b. 2,310,000 c. 2,575,000 d. 2,100,000 17. If the FIFO perpetual cost flow method is used, what is the cost of ending inventory on January 31? a. 1,780,000 b. 1,690,000 c. 1,425,000 d. 1,900,000
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