Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help with the last red box Required information use the following information for the Quick Study below. (Algo) (5-7) [The following information applies to

Please help with the last red box
image text in transcribed

Required information use the following information for the Quick Study below. (Algo) (5-7) [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 340 units. Ending inventory at January 31 totals 140 units. Beginning inventory on January 1 Purchase on January g Purchase on January 25 Units 310 l Unit Cost $ 2.90 3.10 3.24 QS 6-5 (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. Answer is complete but not entirely correct. Goods purchased rpetual FIF Cost of Goods Sold Inventory Balance Date January 1 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26 # of units 709 at 1009 at Cost per # of units sold $ 3.10 e $ 3.24 e 310 30 at at Cost per s 2.90 s 3.10 s 3.24 Cost of Goods Sold $ 899.00 93.00 0.00 $ 992.00 # of units 310 e 310 e 70 e 310 e 70 e 100 30 100 at at at at at at at at at Cost per it $ 2.90 e - $ 2.90 $ 3.10 $ 2.90 $ 3.10 $ 324 $ 2.90 $ 3.10 $ 324 Inventory Balance s 899.00 s 899.00 217.00 1,116.00 s 899.00 217.00 324.00 1 ,440.00 93.00 324.00 s 417.00

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting, Representation And Responsibility

Authors: Niels Joseph Lennon

1st Edition

0367540436, 9780367540432

More Books

Students also viewed these Accounting questions

Question

What is an interval estimator?

Answered: 1 week ago

Question

In bargaining, does it really matter who makes the first offer?

Answered: 1 week ago