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 $ 3.10 Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 320 70 3.30 100 3.40 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Perpetual FIFO: Goods purchased Cost of Goods Sold Inventory Balance # of units Cost per unit # of units Cost per Cost of Goods unit Cost per unit Inventory Balance Date # of units Sold sold January 1 January 9 January 25 January 26 Totals

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 $ 3.10 Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 320 70 3.30 100 3.40 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Perpetual FIFO: Goods purchased Cost of Goods Sold Inventory Balance # of units Cost per unit # of units Cost per Cost of Goods unit Cost per unit Inventory Balance Date # of units Sold sold January 1 January 9 January 25 January 26 Totals

Name: A company reports the following beginning inventory and two purchases
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Description: A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells360 units. Ending inventory at January 31 totals 130 units.UnitsUnit Cost$ 3.10Beginning inventory on January 1Purchase o

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...

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