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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 360 units. Ending inventory at January 31 totals 130 units. Units Unit Cost Beginning inventory on January 1 320 Purchase on January 9 Purchase on January 25 70 100 $ 3.10 3.30 3.40 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. Goods purchased Perpetual FIFO: Cost of Goods Sold Date # of # of units Cost per unit units Cost per Cost of Goods unit Sold # of units Inventory Balance Cost per unit Inventory Balance sold January 1 70 at $ 3.30 320 at $ 3.10 = $ 992.00 320 at $ 3.10 = $ 992.00 January 9 70 at $ 3.30 = Total January 9 231.00 $1,223.00 100 at $ 3.40 390 at $ 3.10 = $1,209.00 January 25 100 at $ 3.30 = 330.00 490 at $ 3.40 = Total January 25 1,666.00 $3,205.00 320 at $ 3.10 = $ 992.00 130 at $ 3.10 = 403.00 January 26 70 at $ 3.30 = 231.00 0 at $ 3.30 = 190 at $ 3.40 = 646.00 0 at $ 3.40 = Total January 26 $1,869.00 $ 403.00

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 360 units. Ending inventory at January 31 totals 130 units. Units Unit Cost Beginning inventory on January 1 320 Purchase on January 9 Purchase on January 25 70 100 $ 3.10 3.30 3.40 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. Goods purchased Perpetual FIFO: Cost of Goods Sold Date # of # of units Cost per unit units Cost per Cost of Goods unit Sold # of units Inventory Balance Cost per unit Inventory Balance sold January 1 70 at $ 3.30 320 at $ 3.10 = $ 992.00 320 at $ 3.10 = $ 992.00 January 9 70 at $ 3.30 = Total January 9 231.00 $1,223.00 100 at $ 3.40 390 at $ 3.10 = $1,209.00 January 25 100 at $ 3.30 = 330.00 490 at $ 3.40 = Total January 25 1,666.00 $3,205.00 320 at $ 3.10 = $ 992.00 130 at $ 3.10 = 403.00 January 26 70 at $ 3.30 = 231.00 0 at $ 3.30 = 190 at $ 3.40 = 646.00 0 at $ 3.40 = Total January 26 $1,869.00 $ 403.00

Elementary Algebra
Elementary Algebra
17th Edition
ISBN:9780998625713
Author:Lynn Marecek, MaryAnne Anthony-Smith
Publisher:Lynn Marecek, MaryAnne Anthony-Smith
Chapter1: Foundations
Section1.3: Add And Subtract Integers
Problem 260E: Stock Market During the week of June 22, 2009, the closing numbers of the Dow Jones Industrial...
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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 360 units. Ending inventory at January 31 totals 130 units. Units Unit Cost Beginning inventory on January 1 320 Purchase on January 9 Purchase on January 25 70 100 $ 3.10 3.30 3.40 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.
Transcribed Image Text: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 360 units. Ending inventory at January 31 totals 130 units. Units Unit Cost Beginning inventory on January 1 320 Purchase on January 9 Purchase on January 25 70 100 $ 3.10 3.30 3.40 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.
Goods purchased Perpetual FIFO: Cost of Goods Sold Date # of # of units Cost per unit units Cost per Cost of Goods unit Sold # of units Inventory Balance Cost per unit Inventory Balance sold January 1 70 at $ 3.30 320 at $ 3.10 = $ 992.00 320 at $ 3.10 = $ 992.00 January 9 70 at $ 3.30 = Total January 9 231.00 $1,223.00 100 at $ 3.40 390 at $ 3.10 = $1,209.00 January 25 100 at $ 3.30 = 330.00 490 at $ 3.40 = Total January 25 1,666.00 $3,205.00 320 at $ 3.10 = $ 992.00 130 at $ 3.10 = 403.00 January 26 70 at $ 3.30 = 231.00 0 at $ 3.30 = 190 at $ 3.40 = 646.00 0 at $ 3.40 = Total January 26 $1,869.00 $ 403.00
Transcribed Image Text:Goods purchased Perpetual FIFO: Cost of Goods Sold Date # of # of units Cost per unit units Cost per Cost of Goods unit Sold # of units Inventory Balance Cost per unit Inventory Balance sold January 1 70 at $ 3.30 320 at $ 3.10 = $ 992.00 320 at $ 3.10 = $ 992.00 January 9 70 at $ 3.30 = Total January 9 231.00 $1,223.00 100 at $ 3.40 390 at $ 3.10 = $1,209.00 January 25 100 at $ 3.30 = 330.00 490 at $ 3.40 = Total January 25 1,666.00 $3,205.00 320 at $ 3.10 = $ 992.00 130 at $ 3.10 = 403.00 January 26 70 at $ 3.30 = 231.00 0 at $ 3.30 = 190 at $ 3.40 = 646.00 0 at $ 3.40 = Total January 26 $1,869.00 $ 403.00
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