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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 290 units. Ending inventory at January 31 totals 130 units. Units Unit Cost Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 $ 2.40 2.60 260 60 100 2.74 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.

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 290 units. Ending inventory at January 31 totals 130 units. Units Unit Cost Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 $ 2.40 2.60 260 60 100 2.74 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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Check my Required information 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: Cost of Goods Sold Goods purchased Inventory Balance # of units sold Date Cost per unit Cost per Cost of Goods unit 01 # of units Cost per unit Inventory Balance # of units Sold January 1 January 9 Total January 9 $ 0.00 ces January 25 < Prev 2 3 4 of 4 Next > GEO 220 Chapter.pptx nm.jpg OIMG 2237.HEIC W GEO 220 World R.doCx Canceled ere to search 99+ 71°F
Transcribed Image Text:Check my Required information 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: Cost of Goods Sold Goods purchased Inventory Balance # of units sold Date Cost per unit Cost per Cost of Goods unit 01 # of units Cost per unit Inventory Balance # of units Sold January 1 January 9 Total January 9 $ 0.00 ces January 25 < Prev 2 3 4 of 4 Next > GEO 220 Chapter.pptx nm.jpg OIMG 2237.HEIC W GEO 220 World R.doCx Canceled ere to search 99+ 71°F
education.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com%252Fmghmiddleware%25.. signment i Saved Help Save & E Che Required information 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 290 units. Ending inventory at January 31 totals 130 units. Units Unit Cost Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 260 $ 2.40 60 2.60 100 2.74 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. < Prev. 2. 3. 4 of 4 Next > og IMG 2237.HEIC GEO 220 World R..docx GEO 220 Chapter..pptx Canceled search Hi 99 71°F
Transcribed Image Text:education.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com%252Fmghmiddleware%25.. signment i Saved Help Save & E Che Required information 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 290 units. Ending inventory at January 31 totals 130 units. Units Unit Cost Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 260 $ 2.40 60 2.60 100 2.74 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. < Prev. 2. 3. 4 of 4 Next > og IMG 2237.HEIC GEO 220 World R..docx GEO 220 Chapter..pptx Canceled search Hi 99 71°F
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