7.

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Use the following information for the Quick Study below. (Algo) (5-7)

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[The following information applies to the questions displayed below.] 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	$ 3.30
Purchase on January 9	80	3.50
Purchase on January 25	100	3.64

QS 5-5 (Algo) Perpetual: Inventory costing with FIFO LO P1

Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.

Perpetual FIFO:
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
January 1									320	at	$3.30	=	$1,056.00
January 9	80	at	$3.50						320	at	$3.30	=	$1,056.00
									80	at	$3.50	=	280.00
Total January 9													$1,336.00
January 25	100	at	$3.64						320	at	$3.30	=	$1,056.00
									80	at	$3.50	=	280.00
									100	at	$3.64	=	364.00
Total January 25													$1,700.00
January 26				320	at	$3.30	=	$1,056.00	?	at	$3.30	=
				30	at	$3.50	=	105.00	50	at	$3.50	=	175.00
				?	at	$3.64	=	0.00	100	at	$3.64	=	364.00
Total January 26								$1,161.00					$539.00

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