A company reports the following beginning inventory and two purchases for the month of January. On...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/664d1c587cf60_560664d1c581266c.jpg)
Transcribed Image Text:
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 400 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 91 Purchase on January 25 Units 360 Unit Cost $ 3.50 80 110 3.70 3.80 QS 5-5 (Algo) Periodic: Inventory costing with FIFO LO P3 Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based or the FIFO method. Note: Round your per unit costs to 2 decimal places. Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance Number of Number of units Cost per unit Cost of Goods Available for Number of units sold Cost per unit Cost of Goods Sold Sale units in ending Inventory Cost per unit Ending Inventory Beginning Inventory 360 $ 3.50 $ 1,260 Purchases: January 9 80 3.70 296 January 25 110 3.80 418 Total 550 $ 1,974 0 $ 0 0 $ 0 A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 400 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 91 Purchase on January 25 Units 360 Unit Cost $ 3.50 80 110 3.70 3.80 QS 5-5 (Algo) Periodic: Inventory costing with FIFO LO P3 Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based or the FIFO method. Note: Round your per unit costs to 2 decimal places. Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance Number of Number of units Cost per unit Cost of Goods Available for Number of units sold Cost per unit Cost of Goods Sold Sale units in ending Inventory Cost per unit Ending Inventory Beginning Inventory 360 $ 3.50 $ 1,260 Purchases: January 9 80 3.70 296 January 25 110 3.80 418 Total 550 $ 1,974 0 $ 0 0 $ 0
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Explain how to determine the maximum or minimum value of a quadratic function.
-
A plane mirror reflects a beam of light. Show that the rotation of the mirror by an angle a causes the beam to rotate through an angle 2a.
-
Two speakers, emitting identical sound waves of wavelength 2.0 m in phase with each other, and an observer are located as shown in Fig. 35.21.(a) At the observer's location, what is the path...
-
Imagine that you are a condominium owner attending a meeting of the condominium association. What should the association do about a homeowner who leaves garbage in the hallway? Should the association...
-
The cost categories in the following list are typical of many manufacturing operations: a. Direct materials: (1) Sheet steel (2) Iron castings b. Assembly parts: (1) Part 24 (2) Part 15 c. Direct...
-
Un taller de reparacin de carroceras de automviles necesitamantener informacin sobre sus operaciones. Los clientesinicialmente traen sus autos al taller para una estimacin de lasreparacio 0 answers
-
Which of the following is true about the tend-and-befriend stress response? It relies on the same hormones as the fight-or-flight response, but different brain regions are activated in the...
-
A common and very dangerous misconception often seen on the Internet is the idea that a childhood immunization, the MMR vaccine, causes autism. This is completely false, but began when a man...
-
Question 1. Confronting the brutal facts is often a monumental task. How will you go about this? Discuss at least three methods you might employ. Question 2 . You will be confronted with interesting...
-
Jim and Norma go wine and oyster tasting. They set a budget of $100 for the day. Wine tastings (P) are $10 per flight and oysters on the half shell (Ps) are $2 each. According to their budget...
-
How do the busboys and cooks understand and value their work? Who has more autonomy in their work, the cooks, or the busboys? Whose skills are more valuable, the busboys or the cooks? To what extent...
-
Assume that there are 100 students in a class and 40 of them are females. These 100 students purchase 1,000 songs from an online music provider in a given time period and females bought 200 of these...
-
Generally, the Earned Income Tax Credit (EITC) is available for which of the following taxpayers? A. Resident aliens filing joint returns who have earned income and adjusted gross income (AGI) within...
-
The tractor is used to lift the 150-kg load B with the 24-mlong rope, boom, and pulley system. If the tractor travels to the right at a constant speed of 4 m/s, determine the tension in the rope when...
-
Sophia deposited \(\$ 4,000\) in an account that earns \(5.5 \%\) interest compounded yearly. After 20 years, Sophia withdrew all the money in the account to pay for her child's college. How much...
-
1. What is the sum of the first 10 terms of the geometric sequence with first term \(a_{1}=7\) and common ratio \(r=6 ?\) 2. What is the sum of the first 6 terms of the geometric sequence with first...
-
When Streptococcus lactis (S. lactis) is in a milk culture at \(37^{\circ} \mathrm{C}\), the population of \(S\). lactis doubles in number every 30 minutes. If the culture began with 15 organisms,...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App