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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Problem Hans Inc. is a merchandising company that resells equestrian saddles. The company's inventory data is as follows: Cost of Goods Available for Sale Jan. 1 Beginning Balance 2 units @ $200 $400 Jan. 5 Purchase 3 units @ $400 = $1,200 4 units @ $500 $2,000 Jan. 20 Purchase Retail Sales of Goods Jan. 15 Sales 3 units @ $900 = $2,700 Jan. 31 Sales 2 units @ $1,000 = $1,800 Assume Hans Inc. uses a perpetual inventory system. For the January 15th sale, the units sold consisted of 2 units from January 5th purchase and 1 unit from January 1st inventory balance. For the January 31st sale, the units sold consisted of 1 unit from the January 1st inventory balance and 1 unit from the January 20th purchase.
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3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system.
Scoresby Incorporated tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions a. Inventory, Beginning For the year: b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $75 per unit) 00 8 e. Sale, October 31 (sold for $78 per unit) f. Operating expenses (excluding income tax expense), $607,000 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. Units 4,000 Unit Cost $ 30 10,000 31 6,000 4,400 9,000 33 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. 4. Prepare an income statement that shows the FIFO method, LIFO method and weighted average method. 6. Which inventory…
Scoresby Incorporated tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions a. Inventory, Beginning. For the year: Complete this question by entering your answers in the tabs below. b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $69 per unit) e. Sale, October 31 (sold for $72 per unit) f. Operating expenses (excluding income tax expense), $406,000 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. 4. Prepare an income statement that shows the FIFO method, LIFO method and weighted average method. 6. Which inventory…