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The following is the information for ABC Corporation for the inventory transactions. The company sold 70 units on Jan 31 at $30/unit Unit Cost $10 $11 $12 $13 Date 1-Jan Units 20 25-Jan 26-Jan 40 40 28-Jan 50 a. Calculate the cost of goods sold on January 31, 2020, using the FIFO method b. Calculate the ending inventory using the FIFO method c. Record journal entry for purchase on Jan 28 assuming thatit was a credit purchase d. Record journal entry for sale on Jan 31 assuming thatit was a credit sale

The following is the information for ABC Corporation for the inventory transactions. The company sold 70 units on Jan 31 at $30/unit Unit Cost $10 $11 $12 $13 Date 1-Jan Units 20 25-Jan 26-Jan 40 40 28-Jan 50 a. Calculate the cost of goods sold on January 31, 2020, using the FIFO method b. Calculate the ending inventory using the FIFO method c. Record journal entry for purchase on Jan 28 assuming thatit was a credit purchase d. Record journal entry for sale on Jan 31 assuming thatit was a credit sale

FINANCIAL ACCOUNTING
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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The following is the information for ABC Corporation for the inventory transactions. The company sold 70 units on Jan 31 at $30/unit Date Units Unit Cost $10 $11 $12 $13 1-Jan 20 25-Jan 40 26-Jan 40 28-Jan 50 a. Calculate the cost of goods sold on January 31, 2020, using the FIFO method b. Calculate the ending inventory using the FIFO method c. Record journal entry for purchase on Jan 28 assuming thatit was a credit purchase d. Record journal entry for sale on Jan 31 assuming thatit was a credit sale
Transcribed Image Text:The following is the information for ABC Corporation for the inventory transactions. The company sold 70 units on Jan 31 at $30/unit Date Units Unit Cost $10 $11 $12 $13 1-Jan 20 25-Jan 40 26-Jan 40 28-Jan 50 a. Calculate the cost of goods sold on January 31, 2020, using the FIFO method b. Calculate the ending inventory using the FIFO method c. Record journal entry for purchase on Jan 28 assuming thatit was a credit purchase d. Record journal entry for sale on Jan 31 assuming thatit was a credit sale
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