1 answer

A company reports the following beginning inventory and two purchases for the month of January. On...

Question:

A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 250 units. Ending inventory at January 31 totals 130 units.

Units Unit Cost
Beginning inventory on January 1 230 $ 2.00
Purchase on January 9 50 2.20
Purchase on January 25 100 2.34

Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.

Perpetual FIFO:


Answers

Answer: Ending Inventory $300

Goods Purchsed Units Cost per un Total Cost Units Date Jan-01 Jan-09 460 50 @ 2.20 110 460 Perpetual FIFO Cost of Goods sold

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