Question
A company uses the perpetual inventory system and the first-in, first-out (FIFO) cost flow assumption method to account for inventory. The following information is given:
A company uses the perpetual inventory system and the first-in, first-out (FIFO) cost flow assumption method to account for inventory. The following information is given:
| Date | Quantity | Cost per Unit | Total Cost | |
| 12/31/2018 | Year-end balance | 200 | $7.00 | $1,400 |
| 1/17/2019 | Purchase | 500 | $8.00 | $4,000 |
| 1/18/2019 | Sale | 250 | ||
| 1/22/2019 | Purchase | 600 | $8.50 | $5,100 |
| 1/24/2019 | Purchase | 300 | $9.00 | $2,700 |
| 1/30/2019 | Sale | 350 |
What are the cost of goods sold (COGS) and value of ending inventory for January 2019?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Accounting
Authors: John Hoggett, John Medlin, Lew Edwards, Matthew Tilling, Evelyn Hoggett Hogg
6th Edition
1742466354, 978-1742466354
