A company reports the following beginning inventory and two purchases for the mo

Question

A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 330 units. Ending inventory at January 31 totals 140 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 t cost 2.89 3.09 3.14 78 100 Required: Assume based on the FIFO method. the perpetual inventory system is used and then determine the costs assigned to ending inventory when costs are assigned Perpetual FIFO Balance sed Cost per unit Cost of Goods | Sold Cost per Iiventory Date | January 1 January 9 # of Cost per units units # of units unit Balance unit sold January 25

Explanation / Answer

perpetual FIFO

300

70

$2.80

3

840

210 $1050

300

70

100

2.80

3

3.14

840

210

314 $1364

date goods purchased cost of goods sold inventory balance # of units cost per unit # of units sold cost per unit cost of goods sold # of units cost per unit inventory balance jan 1 300 $2.80 $840 jan 9 70 $ 3

300

70

$2.80

3

840

210 $1050

jan 25 100 $3.14

300

70

100

2.80

3

3.14

840

210

314 $1364

jan 26 300 $2.80 $840 0 $2.8 0 30 $3 $90 40 $3 $120 100 $3.14 $314 $ 930 $ 434

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