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REQUIRED: Determine the cost assigned to ending inventory and to cost of goods sold using FIFO and for using LIFO. Each yellow cell must include
REQUIRED: Determine the cost assigned to ending inventory and to cost of goods sold using FIFO and for using LIFO. Each yellow cell must include a formula using cell references,
The Jordan Johnston Company reported the following January purchases and sales data for its only product. The company uses a perpetual inventory system. REQUIRED: Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Each yellow cell must include a formula using cell references, EVEN IF THE FORMULA RESULT IS ZERO. \begin{tabular}{|l|l|l|l|l|l|} \hline Cost of Goods Sold - Perpetual FIFO: & Units Sold & @ & Cost per unit & = & Cost of Goods Sold \\ \hline \begin{tabular}{llllll|l|} \hline 11 salculate cost of goods sold for the January 300 units. \end{tabular} & & & & & \\ \hline & & & & \\ \hline Total Cost of Goods Sold for January - 1,320 units & & \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|c|c|} \hline Ending Inventory - Perpetual FIFO: & Units in Ending Inventory & @ & Cost per unit & Inventory Balance \\ \hline \multirow{2}{*}{ Total Ending Inventory for January - 250 units } & \multirow{3}{*}{} & \\ \hline \end{tabular} \begin{tabular}{l|l|l} \hline Your score: & 0% \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|c|c|} \hline Cost of Goods Sold - Perpetual LIFO: & Units Sold & @ & Cost per unit & = & Cost of Goods Sold \\ \hline Calculate cost of goods sold for the January 11 sale of 300 units. & & & & & \\ \hline \multirow{5}{*}{} & & & & \\ \hline \end{tabular}Step by Step Solution
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