Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each of the inventory costing methods. (Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount.) a. Weighted average cost b. First-in, first-out c. Last-in, first-out: d. Specific identification Amount of Goods Available for Sale Ending Inventory $ $ $ 1,800 1,800 1,800 1,800 Cost of Goods Sold

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each of
inventory costing methods. (Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar
amount.)
a. Weighted average cost
b. First-in, first-out
c. Last-in, first-out:
d. Specific identification
Amount of Goods
Available for Sale
1,800
1,800
$
$
$
$
1,800
1,800
Ending Inventory
Cost of Goods
Sold
Transcribed Image Text:the Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each of inventory costing methods. (Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount.) a. Weighted average cost b. First-in, first-out c. Last-in, first-out: d. Specific identification Amount of Goods Available for Sale 1,800 1,800 $ $ $ $ 1,800 1,800 Ending Inventory Cost of Goods Sold
Mojo Industries tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing
method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following
information at the end of the accounting period, January 31. The inventory's selling price is $9 per unit.
Transactions
Inventory, January 1
Sale, January 10
Purchase, January 12
Sale, January 17
Purchase, January 26
Unit
Cost
$ 2.50
3.00
4.00
a. Weighted average cost.
b. First-in, first-out.
c. Last-in, first-out.
Units Total Cost
260
$ 650
(200)
310
(150)
55
930
220
Required:
1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each of the following
inventory costing methods:
d. Specific identification, assuming that the January 10 sale was from the beginning inventory and the January 17 sale was from the
January 12 purchase.
Transcribed Image Text:Mojo Industries tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the accounting period, January 31. The inventory's selling price is $9 per unit. Transactions Inventory, January 1 Sale, January 10 Purchase, January 12 Sale, January 17 Purchase, January 26 Unit Cost $ 2.50 3.00 4.00 a. Weighted average cost. b. First-in, first-out. c. Last-in, first-out. Units Total Cost 260 $ 650 (200) 310 (150) 55 930 220 Required: 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each of the following inventory costing methods: d. Specific identification, assuming that the January 10 sale was from the beginning inventory and the January 17 sale was from the January 12 purchase.
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