ter 08 Pre-Built Help Save& $zz eacn. Uuring the montn ot January, 130 units wer
ID: 2538773 • Letter: T
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ter 08 Pre-Built Help Save& $zz eacn. Uuring the montn ot January, 130 units were purchasea on January s tor szb eacn and anotner zou units were purchased on January 19 for $27 each. Sales of 165 units and 160 units were made on January 10 and January 25, respectively. There were 325 units on hand at the end of the month. S&M; uses a perpetual inventory system. Required: 1. Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO method. 2. Complete the below table to calculate ending Inventory and cost of goods sold for January using average cost method. Complete this question by entering your answers in the tabs below. the below table to e ending inventory and cost of goods sold for January using FIFO method January 10 25 Cost Goods units unit Sold Cost of | # of units cost per Ending unit Inventory Cost of #of #of per Available sold FIFO in ending units unit for Sale Beg. Inventory 26022.00 5,720 2200 3630 s2200 S $ 22.00 s0 January 8 January 19260 130 25,00 27.00 25.00 27.00 25.00 27.00 25.00 27.00 $ 15,990165 $ 3,630 S0 K Prev 3 of 1Next>Explanation / Answer
Req 1 STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC FIFO METHOD RECIEPTS COST OF GOODS SOLD Jan10 COST OF GOODS SOLD jan 25 BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ Balance 260 22 5720 165 22 3630 95 22 2090 Purchasse 8-Jan 130 25 3250 65 25 1625 65 25 1625 19-Jan 260 27 7020 260 27 7020 TOTAL 650 15990 165 3630 160 3715 325 8645 Req 2: INIVENTORY ON HAND COST OF GOODS SOLD DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ Balance 260 22 5720 Purchase Jan8 130 25 3250 Subtotal Average 390 23 8970 Sale-Jan 10 -165 23 -3795 165 23 3795 Subtotal Average 225 23 5175 Purchase Jan19 260 27 7020 Subtotal Average 485 25.14 12195 Sales Jan 25 -160 25.14 -4022 160 25.14 4022 TOTAL 325 25.14 8173 325 7817
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