Periodic System- Calculating Ending Inventory and Cost of Sales using LIFO The following information is available for Water Inc. Date January 1 (beginning inventory) 440 Purchases: January 10 January 15 January 30 Units Unit Cost $50.00 330 52.00 660 440 52.50 55.00 The company maintains a periodic inventory system. A physical inventory count shows 550 units in stock on January 31. What is (a) ending inventory on January 31, and (b) cost of goods sold for January, using the IFO inventory method? Note: Round your final answers below to the nearest whole dollar. Use your rounded ending inventory answer to compute part b. cost of goods sold. 0 a. Ending inventory on January 31 $ b. Cost of goods sold for January $ 0
Periodic System- Calculating Ending Inventory and Cost of Sales using LIFO The following information is available for Water Inc. Date January 1 (beginning inventory) 440 Purchases: January 10 January 15 January 30 Units Unit Cost $50.00 330 52.00 660 440 52.50 55.00 The company maintains a periodic inventory system. A physical inventory count shows 550 units in stock on January 31. What is (a) ending inventory on January 31, and (b) cost of goods sold for January, using the IFO inventory method? Note: Round your final answers below to the nearest whole dollar. Use your rounded ending inventory answer to compute part b. cost of goods sold. 0 a. Ending inventory on January 31 $ b. Cost of goods sold for January $ 0
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Periodic System- Calculating Ending Inventory and Cost of Sales using LIFO
The following information is available for Water Inc.
Date
January 1 (beginning inventory) 440
Purchases: January 10
January 15
January 30
Units Unit Cost
$50.00
330
52.00
660
440
52.50
55.00
The company maintains a periodic inventory system. A physical inventory count shows 550 units in stock on January 31. What is (a) ending inventory on January 31, and (b) cost of goods sold for January, using the
LIFO inventory method?
• Note: Round your final answers below to the nearest whole dollar.
• Use your rounded ending inventory answer to compute part b. cost of goods sold.
a. Ending inventory on January 31 $
0
b. Cost of goods sold for January $
0
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