Refer to the information in QS 6-1 and assume the periodic inventory system is used. Determine the
Question:
Refer to the information in QS 6-1 and assume the periodic inventory system is used. Determine the costs assigned to the ending inventory when costs are assigned based on FIFO. (Round per unit costs to three decimals, but inventory balances to the dollar.)
Data From Quick Study 6-1:
A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 360 units. What is the cost of the 155 units that remain in ending inventory at January 31, assuming costs are assigned based on a perpetual inventory system and use of FIFO? (Round per unit costs to three decimals, but inventory balances to the dollar.)
Step by Step Answer:
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta