Do not give image format 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system.Perpetual FIFOBeginning InventoryPurchasesJanuary 10January 18TotalCost of Goods Available for SaleCost ofGoodsAvailable forSaleNumber Unitof unitsCost6,000 $5.00 $5,0006,00017,0006.007.00Show Transcribed TextNumber ofunits inendinginventory$030,00030,00042.000102,000Cost of Goods Sold-January 5 Cost of Goods Sold-January 12Numberof unitssoldNumberof unitssold0Cost perunit$ŰCost ofGoods Sold5.00 $6.007.00$Inventory BalanceCost perunit00006.007.00$ 5.00 $0$Cost perunit$Cost ofGoods Sold5.00 $6.007.00SOEndingInventoryofO0Cost of Goods Sold-January 20Numberof unitssold0Cost perunit000$0.Cost ofGoods Sold5.00 $6.007.00$000 Required informationProblem 8-5 (Algo) Various inventory costing methods [LO8-1, 8-4][The following information applies to the questions displayed below.]A company began January with 6,000 units of its principal product. The cost of each unit is $5. Inventory transactions forthe month of January are as follows:Date of PurchaseJanuary 10January 18TotalsSalesUnits5,0006,00011,000Date of SaleJanuary 5January 12January 201TotalIncludes purchase price and cost of freight.PurchasesUnits3,0002,0004,0009,000Unit Cost$678,000 units were on hand at the end of the month.Total Cost$ 30,00042,000$ 72,000

Inventory valuation refers to the process of assigning a monetary value to the inventory of a…

A company began January with 6,000 units of its principal product. The cost of each unit is $5. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Units 5,000 6,000 11,000 Date of Sale January 5 January 121 January 20 Total Includes purchase price and cost of freight. Sales Purchases Unit Cost $6 7 Units 3,000 2,000 4,000 9,000 8,000 units were on hand at the end of the month. Total Cost $ 30,000 42,000 $ 72,000

A company began January with 6,000 units of its principal product. The cost of each unit is $5. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Units 5,000 6,000 11,000 Date of Sale January 5 January 121 January 20 Total Includes purchase price and cost of freight. Sales Purchases Unit Cost $6 7 Units 3,000 2,000 4,000 9,000 8,000 units were on hand at the end of the month. Total Cost $ 30,000 42,000 $ 72,000

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 5.10AMCP

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