[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 300 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 January 1 Required: Assume the perpual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method January 9 Total January January 25 Total January 25 January 26 Total January 26 Goods purchased Number of Cost per units unit 60 at 270 100 at $ 284 Number of units sold 270 Units 270 60 100 30 60 Unit Cost $ 2.50 2.70 2.64 Perpetual FIFO: Cost of Goods Sold Cost per Cost of Goods Sold Inventory Balance Cost per unit Number of units 270 a 30 at 60 $ 270 100 $ 270 $ 284 $ 270 $ 284 Inventory Balance 162.00 $ 162.00

[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 300 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 January 1 Required: Assume the perpual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method January 9 Total January January 25 Total January 25 January 26 Total January 26 Goods purchased Number of Cost per units unit 60 at 270 100 at $ 284 Number of units sold 270 Units 270 60 100 30 60 Unit Cost $ 2.50 2.70 2.64 Perpetual FIFO: Cost of Goods Sold Cost per Cost of Goods Sold Inventory Balance Cost per unit Number of units 270 a 30 at 60 $ 270 100 $ 270 $ 284 $ 270 $ 284 Inventory Balance 162.00 $ 162.00

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Description: en H[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, thecompany sells 300 units. Ending inventory at January 31 totals

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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