Question
QS 5-4 Perpetual: Inventory costing with FIFO LO P1 A company reports the following beginning inventory and two purchases for the month of January. On
QS 5-4 Perpetual: Inventory costing with FIFO LO P1
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 260 units. Ending inventory at January 31 totals 120 units.
| Units | Unit Cost | |||
| Beginning inventory on January 1 | 230 | $ | 2.10 | |
| Purchase on January 9 | 50 | 2.30 | ||
| Purchase on January 25 | 100 | 2.44 | ||
Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method
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Financial and Managerial Accounting the basis for business decisions
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
16th edition
0077664078, 978-0077664077, 78111048, 978-0078111044
