Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
Periodic System Calculating Ending Inventory and Cost of Sales using FIFO The following information is available for Water Inc. Date Units Unit Cost January 1,
Periodic System Calculating Ending Inventory and Cost of Sales using FIFO
The following information is available for Water Inc.
Date | Units | Unit Cost |
---|---|---|
January 1, 2020 (beginning inventory) | 200 | $50.00 |
Purchases: January 10, 2020 | 150 | 52.00 |
January 15, 2020 | 300 | 52.50 |
January 30, 2020 | 200 | 55.00 |
The company maintains a periodic inventory system. A physical count shows 250 units in stock on January 31. What is (a) ending inventory on January 31, and (b) cost of goods sold for January, using the FIFO inventory method?
- Note: Round your final answers below to the nearest whole dollar.
- Note: Use your rounded ending inventory answer to compute part b. cost of goods sold.
a. Ending inventory on January 31, 2020 | Answer |
b. Cost of goods sold for January | Answer |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started