Required information[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 $7. Inventory transactions forthe month of January are as follows:*TotalDate of PurchaseJanuary 10January 18Totals*Includes purchase price and cost of freight.Date of SaleJanuary 5January 12January 20TotalSalesAverage CostBeginning InventoryPurchases:UnitsJanuary 10January 185,0006,00011,0008,000 units were on hand at the end of the month.Units3,0002,0004,0009,0001. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system.PurchasesUnit Cost*$ 89Cost of Goods Available for SaleCost ofGoodsAvailable forSale6,000 $ 7.00 $ 42,000Number Unitof units Cost5,000 $8.006,000 $9.0017,000Total Cost$ 40,00054,000$ 94,00040,00054,000$ 136,000Cost of Goods Sold - Average CostAverageCost perUnitNumber ofunits soldCost ofGoods SoldGA0Ending Inventory - Average CostNumber ofAverageunits inCost perendingunitinventoryEndingInventory0

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Description: Required information[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 $7. Inventory transactions forthe month of January are as follows:*T

Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…

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Required information [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 $7. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Total * Includes purchase price and cost of freight. Date of Sale January 5 January 12 January 20 Total Sales. Average Cost Beginning Inventory Purchases: Units 5,000 6,000 11,000 January 10 January 18 8,000 units were on hand at the end of the month. Units 3,000 2,000 4,000 9,000 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. Purchases Unit Cost* $8 9 Cost of Goods Available for Sale Cost of Goods Number Unit of units Cost Available for Sale 6,000 $7.00 $ 5,000 $8.00 6,000 $9.00 17,000 42,000 Total Cost $ 40,000 54,000 $ 94,000 40,000 54,000 $ 136,000 Cost of Goods Sold - Average Cost Average Cost per Unit Number of units sold Cost of Goods Sold $ 0 Ending Inventory - Average Cost Number of Average units in ending inventory Cost per unit Ending Inventory $ 0

Required information [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 $7. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Total * Includes purchase price and cost of freight. Date of Sale January 5 January 12 January 20 Total Sales. Average Cost Beginning Inventory Purchases: Units 5,000 6,000 11,000 January 10 January 18 8,000 units were on hand at the end of the month. Units 3,000 2,000 4,000 9,000 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. Purchases Unit Cost* $8 9 Cost of Goods Available for Sale Cost of Goods Number Unit of units Cost Available for Sale 6,000 $7.00 $ 5,000 $8.00 6,000 $9.00 17,000 42,000 Total Cost $ 40,000 54,000 $ 94,000 40,000 54,000 $ 136,000 Cost of Goods Sold - Average Cost Average Cost per Unit Number of units sold Cost of Goods Sold $ 0 Ending Inventory - Average Cost Number of Average units in ending inventory Cost per unit Ending Inventory $ 0

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 3AP

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