Required Information [The following information applies to the questions displayed below.] A company began January with 9,000 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 Total * Includes purchase price and cost of freight. Date of Sale January 5 January 12 January 20 Total Sales FIFO Beginning Inventory Purchases: January 10 January 18 Units 6,000 9,000 15,000 Units 10,000 units were on hand at the end of the month. 5,000 3,000 6,000 14,000 Required: 1. Calculate January's ending Inventory and cost of goods sold for the month using FIFO, periodic system. Purchases Unit Cost* $6 7 Number Cost per of units unit Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Cost of Goods Available for Sale 9,000 $5.00 $ 45,000 6,0 $ 6.00 9,000 $7.00 24.000 Total Cost $36,000 63,000 $ 99,000 36,000 63,000 144.000 Number of Cost per units sold unit $ $ 69 5.00 6.00 7.00 Cost of Goods Sold Ending Inventory - Periodic FIFO Number of units in ending inventory Cost per unit $ $ FA $ 5.00 6.00 7.00 Ending Inventory

Required Information [The following information applies to the questions displayed below.] A company began January with 9,000 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 Total * Includes purchase price and cost of freight. Date of Sale January 5 January 12 January 20 Total Sales FIFO Beginning Inventory Purchases: January 10 January 18 Units 6,000 9,000 15,000 Units 10,000 units were on hand at the end of the month. 5,000 3,000 6,000 14,000 Required: 1. Calculate January's ending Inventory and cost of goods sold for the month using FIFO, periodic system. Purchases Unit Cost* $6 7 Number Cost per of units unit Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Cost of Goods Available for Sale 9,000 $5.00 $ 45,000 6,0 $ 6.00 9,000 $7.00 24.000 Total Cost $36,000 63,000 $ 99,000 36,000 63,000 144.000 Number of Cost per units sold unit $ $ 69 5.00 6.00 7.00 Cost of Goods Sold Ending Inventory - Periodic FIFO Number of units in ending inventory Cost per unit $ $ FA $ 5.00 6.00 7.00 Ending Inventory

Name: 1. Calculate January's ending inventory and cost of goods sold for the
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Description: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. !Required Information[The following information applies to the questions displayed below.]A company began January with 9,000 units of its princi

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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