Fill in the boxes please !Required information[The following information applies to the questionsdisplayed below.]A company reports the following beginning inventory andtwo purchases for the month of January. On January 26, thecompany sells 430 units. Ending inventory at January 31totals 170 units.Unit Cost$ 3.804.00UnitsBeginning inventory on January 1Purchase on January 9Purchase on January 25390901204.10Required:Assume the perpetual inventory system is used. Determinethe costs assigned to ending inventory when costs areassigned based on the FIFO method.Answer is not coiPerpetual FIFO:Cost of Goods SoldGoods purchasedCostCostDate# of unitsCost of# of unitsperunitpersoldGoods SoldunitJanuary 190at$ 4.00January 9Total January 9120at$ 4.10January 25Total January25390at$ 4.241,653.60January 2640 Oat$ 4.00160.00at$ 4.100.00Total January261,813.60 o the questionsginning inventory anduary. On January 26, therentory at January 31UnitsUnit Cost390$ 3.80904.001204.10iystem is used. Determinentory when costs areiod.Answer is not complete.Perpetual FIFO:Cost of Goods SoldInventory BalanceCostCostof unitsCost ofInventoryBalance# of unitsperunitperunitsoldGoods Sold390 Oat$ 4.24 X =1,653.60390 O at$ 4.24%3D1,653.6090 O at$ 4.00360.00$2,013.60390 O at$ 4.241,653.6090 Vat$ 4.00360.00120 O at$ 4.10492.00%3D$2,505.600 at$ 4.2450 8 at$ 4.24212.001,653.600 at$ 4.00160.00120 x at$ 4.00480.00at$ 4.100.00at$ 4.10%3D$1,813.60$ 692.00

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Required information [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 430 units. Ending inventory at January 31 totals 170 units. Units Unit Cost $ 3.80 Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 390 90 4.00 120 4.10 Required: Assume the perpetual inventory system is used. Determine the co assigned based on the FIFO method. assigned to ending inventory when costs are

Required information [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 430 units. Ending inventory at January 31 totals 170 units. Units Unit Cost $ 3.80 Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 390 90 4.00 120 4.10 Required: Assume the perpetual inventory system is used. Determine the co assigned based on the FIFO method. assigned to ending inventory when costs are

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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Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of 250,000. During the year, it made 613,000 of net purchases. At the end of the year, a physical inventory showed it had ending inventory of 140,000. Calculate Reid Companys cost of goods sold for the year.
Carla Company uses the perpetual inventory system. The following information is available for January of the current year when Carla sold 1,600 units of inventory on January 14. Using the FIFO method, calculate Carlas cost of goods sold for January and its January 31 inventory.
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