A company began January with $7,000$ units of its principal product. The cost of each unit is $$6.$

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Inventory transactions for the month of January are as follows:

Date of Purchase January $1\mathrm{0-}$January $1\mathrm{8 }$Totals Units
$6,0007,00013,000$Purchases Unit Cost$*$$ $7$Total Cost$ $42,00\mathrm{0, }\mathrm{\$5}6,000$, $ $98,000*$ Includes purchase price and cost of freight. Sales Date of Sale January $5$January $12$January $26$Total Units
$3,0003,0004,00010,00010,000$ units were on hand at the end of the month.

Required: $\mathrm{}$ Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. Fioccos of Goods Available for Sale Cost of Goods Sold $-$ Periodic FIFOEnding Inventory $-$ Periodic FIFO 

Answer rating: 100% (QA)

To calculate Januarys ending inventory and cost of goods sold using the FIFO FirstIn ... View the full answer