Required Information The Following Information Applies To The Questions Displayed Below A Company Reports The Followi 1 (21.92 KiB) Viewed 13 times
Required Information The Following Information Applies To The Questions Displayed Below A Company Reports The Followi 2 (7.28 KiB) Viewed 13 times
Required Information The Following Information Applies To The Questions Displayed Below A Company Reports The Followi 3 (52.55 KiB) Viewed 13 times
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 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Required: Units 320 80 100 Unit Cost $ 3.00 3.20 3.34
Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.
Date January 1 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26 Goods purchased #of units Cost per unit # of units sold Perpetual FIFO: Cost of Goods Sold Cost per Cost of Goods unit Sold S Inventory Balance Cost # of units per unit Inventory Balance
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