Question
Required information Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of
Required information
Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows:
QuantityUnit CostTotal Cost
Beginning inventory (Jan. 1) 22 $24 $528
Purchase (Jan. 11) 25 $30 750
Purchase (Jan. 20) 36 $32 1,152
Total 83 $2,430
On January 14, Beech Soda, Inc. sold 38 units of this product. The other 45 units remained in inventory at January 31.
1A. Assuming that Beech Soda uses the FIFO cost flow assumption, the cost of goods sold to be recorded at January 14 is:
1B. Assuming that Beech Soda uses the LIFO cost flow assumption, the cost of goods sold to be recorded at January 14 is:
1C. Assuming that Beech Soda uses the average cost flow assumption, the cost of goods sold to be recorded at January 14 is:
1D. Assuming that Beech Soda uses the FIFO cost flow assumption, the 45 units of this product in inventory at January 31 have a total cost of:
1E. Assuming that Beech Soda uses the LIFO cost flow assumption, the 45 units of this product in inventory at January 31 have a total cost of:
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