Answered step by step
Verified Expert Solution
Question
1 Approved Answer
cost of goods available for sale section is correct. the other sections are wrong Required information [The following information applies to the questions displayed below)
cost of goods available for sale section is correct. the other sections are wrong
Required information [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 $3.00 Purchase on January 9 80 3.20 Purchase on January 25 3.34 320 100 Required: Assume the periodic inventory system is used. Determine the costs assigned to ending Inventory when costs are assigned based on the FIFO method Porlodic FIFO Cost of Goods Available for Sale # of Cost of Goods Cost per Available for unit units Sale 320 s 3.00 $ 960 Cost of Goods Sold #of units Cost per Cost of sold unit Goods Sold Inventory Balance # of units Cost per in ending Ending unit inventory Inventory 150 $ 3.00 $ 450 170 $ 3.00 $ 510 Beg. Inventory Purchases: January 9 January 25 Total 256 0 80 100 500 3.20 3.34 80 100 350 3.20 3.34 256 334 334 1,550 0 150 $ $ 1.100 $ 450 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