Required information [The following information applies to the questions displayed below.] A company began January with 4,000 units of its principal product. The cost of each unit is $8. Inventory transactions for the month of January are as follows: Date of Purchase Units January 10 3,000 Purchases Unit Cost* $ 9 Total Cost January 18 4,000 10 $ 27,000 40,000 Totals 7,000 $ 67,000 *Includes purchase price and cost of freight. Sales Date of Sale Units January 5 2,000 January 12 1,000 January 20 3,000 Total 6,000 5,000 units were on hand at the end of the month. Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. Ending Inventory - Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO FIFO Number Cost per of units unit Cost of Goods Available for Sale Number of Number of Cost per units sold unit Cost of Goods Sold units in ending Cost per Ending unit Inventory inventory Beginning Inventory 4,000 $ 8.00 $ 32,000 4,000 $ 8.00 $ 32,000 $ 8.00 $ 0 Purchases: January 10 January 18 3,000 $ 9.00 27,000 2,000 $ 9.00 18,000 $ 9.00 0 4,000 $ 10.00 40,000 $ 10.00 0 $ 10.00 0 Total 11,000 $ 99,000 6,000 $ 50,000 0 $ 0

Required information [The following information applies to the questions displayed below.] A company began January with 4,000 units of its principal product. The cost of each unit is $8. Inventory transactions for the month of January are as follows: Date of Purchase Units January 10 3,000 Purchases Unit Cost* $ 9 Total Cost January 18 4,000 10 $ 27,000 40,000 Totals 7,000 $ 67,000 *Includes purchase price and cost of freight. Sales Date of Sale Units January 5 2,000 January 12 1,000 January 20 3,000 Total 6,000 5,000 units were on hand at the end of the month. Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. Ending Inventory - Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO FIFO Number Cost per of units unit Cost of Goods Available for Sale Number of Number of Cost per units sold unit Cost of Goods Sold units in ending Cost per Ending unit Inventory inventory Beginning Inventory 4,000 $ 8.00 $ 32,000 4,000 $ 8.00 $ 32,000 $ 8.00 $ 0 Purchases: January 10 January 18 3,000 $ 9.00 27,000 2,000 $ 9.00 18,000 $ 9.00 0 4,000 $ 10.00 40,000 $ 10.00 0 $ 10.00 0 Total 11,000 $ 99,000 6,000 $ 50,000 0 $ 0

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Description: Required information[The following information applies to the questions displayed below.]A company began January with 4,000 units of its principal product. The cost of each unit is $8. Inventory transactions forthe month of January are as follows:Da

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 8P: Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning...

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