Required information Problem 8-5 (Algo) Various inventory costing methods [LO8-1, 8-4] [The following information applies to the questions displayed below.] A company began January with 8,000 units of its principal product. The cost of each unit is $8. Inventory transactions for the month of January are as follows: Date of Purchase. January 10 January 18 Totals Sales Date of Sale January 5 January 12 January 20 Total * Includes purchase price and cost of freight. Perpetual Average Units 6,000 8,000 14,000 Beginning Inventory Sale - January 5 Subtotal Average Cost Purchase - January 10 Subtotal Average Cost Sale - January 12 Subtotal Average Cost Purchase - January 18 Subtotal Average Cost Sale - January 20 Total Units 4,000 2,000 5,000 11,000 11,000 units were on hand at the end of the month. Number of units Problem 8-5 (Algo) Part 5 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. Note: Round average cost per unit to 4 decimal places. Enter sales with a negative sign. Inventory on hand 0 Purchases Unit Cost* $9 10 0 0 0 0 Cost per Inventory Value unit $ $ 0 0 0 0 0 Total Cost $ 54,000 80,000 $ 134,000 0 0 0 0 0 0 Number of units sold Cost of Goods Sold Average Cost per unit 0 Cost of Goods Sold $ 0
Required information Problem 8-5 (Algo) Various inventory costing methods [LO8-1, 8-4] [The following information applies to the questions displayed below.] A company began January with 8,000 units of its principal product. The cost of each unit is $8. Inventory transactions for the month of January are as follows: Date of Purchase. January 10 January 18 Totals Sales Date of Sale January 5 January 12 January 20 Total * Includes purchase price and cost of freight. Perpetual Average Units 6,000 8,000 14,000 Beginning Inventory Sale - January 5 Subtotal Average Cost Purchase - January 10 Subtotal Average Cost Sale - January 12 Subtotal Average Cost Purchase - January 18 Subtotal Average Cost Sale - January 20 Total Units 4,000 2,000 5,000 11,000 11,000 units were on hand at the end of the month. Number of units Problem 8-5 (Algo) Part 5 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. Note: Round average cost per unit to 4 decimal places. Enter sales with a negative sign. Inventory on hand 0 Purchases Unit Cost* $9 10 0 0 0 0 Cost per Inventory Value unit $ $ 0 0 0 0 0 Total Cost $ 54,000 80,000 $ 134,000 0 0 0 0 0 0 Number of units sold Cost of Goods Sold Average Cost per unit 0 Cost of Goods Sold $ 0
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 5.10MCP: Comparison of Inventory Costing Methods—Periodic System Bitten Companys inventory records show 600...
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Required information
Problem 8-5 (Algo) Various inventory costing methods [LO8-1, 8-4]
[The following information applies to the questions displayed below.]
A company began January with 8,000 units of its principal product. The cost of each unit is $8. Inventory transactions for
the month of January are as follows:
Date of Purchase.
January 10
January 18
Totals
Sales
Date of Sale
January 5
January 12
January 20
Total
* Includes purchase price and cost of freight.
Unit's
Perpetual Average
6,000
8,000
14,000
Beginning Inventory
Sale - January 5
Subtotal Average Cost
Purchase - January 10
Subtotal Average Cost
Sale - January 12
Subtotal Average Cost
Purchase - January 18
Subtotal Average Cost
Sale - January 20
Total
Units
4,000
2,000
5,000
11,000
11,000 units were on hand at the end of the month.
Problem 8-5 (Algo) Part 5
5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system.
Note: Round average cost per unit to 4 decimal places. Enter sales with a negative sign.
Inventory on hand
Number Cost per
of units
unit
0
0
Purchases
Unit Cost*
$9
10
0
0
0
1111
Inventory
Value
$
$
0
0
0
0
0
0
0
0
0
0
Total Cost
$ 54,000
80,000
$ 134,000
0
Number
of units
sold
Cost of Goods Sold
Average
Cost per
unit
0
Cost of
Goods Sold
$
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3f776868-c27f-4d6e-82b8-cc408728fc94%2Fdc2e4a0f-4e6c-447d-be66-9f7067893139%2Fd0mguq9_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
Required information
Problem 8-5 (Algo) Various inventory costing methods [LO8-1, 8-4]
[The following information applies to the questions displayed below.]
A company began January with 8,000 units of its principal product. The cost of each unit is $8. Inventory transactions for
the month of January are as follows:
Date of Purchase.
January 10
January 18
Totals
Sales
Date of Sale
January 5
January 12
January 20
Total
* Includes purchase price and cost of freight.
Unit's
Perpetual Average
6,000
8,000
14,000
Beginning Inventory
Sale - January 5
Subtotal Average Cost
Purchase - January 10
Subtotal Average Cost
Sale - January 12
Subtotal Average Cost
Purchase - January 18
Subtotal Average Cost
Sale - January 20
Total
Units
4,000
2,000
5,000
11,000
11,000 units were on hand at the end of the month.
Problem 8-5 (Algo) Part 5
5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system.
Note: Round average cost per unit to 4 decimal places. Enter sales with a negative sign.
Inventory on hand
Number Cost per
of units
unit
0
0
Purchases
Unit Cost*
$9
10
0
0
0
1111
Inventory
Value
$
$
0
0
0
0
0
0
0
0
0
0
Total Cost
$ 54,000
80,000
$ 134,000
0
Number
of units
sold
Cost of Goods Sold
Average
Cost per
unit
0
Cost of
Goods Sold
$
0
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