Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
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Chapter 6, Problem 7QS
Perpetual: Inventory costing with FIFO P1
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units.
| Units | Unit Cost | |
| Beginning Inventory on January 1 | 320 | $3.00 |
| Purchase on January 9 | 80 | 3.20 |
| Purchase on January 25 | 100 | 3.34 |
Required
Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. (Round per unit costs and inventory amounts to cents.)
QS 6-7A
Periodic: Inventory costing with FIFO P3
Refer to the information in QS 6-4 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. (Round per unit costs and inventory amounts to cents.)
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Chapter 6 Solutions
Principles of Financial Accounting.
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