{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-29T05:13:30-04:00", "answer_date": "2024-05-29 05:13:30", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1877659", "url": "\/study-help\/questions\/required-information-the-following-information-applies-to-the-questions-displayed-1877659", "question_creation_date_js": "2024-05-29T05:13:30-04:00", "question_creation_date": "May 29, 2024 05:13 AM", "meta_title": "[Solved] Required information [The following infor | SolutionInn", "meta_description": "Answer of - Required information [The following information applies to the questions displayed below.) A company reports the follo | SolutionInn", "meta_keywords": "required,information,applies,questions,displayed,below,company,reports,beginning,inventory,two,purchases", "question_title_h1": " Required information [The following information applies to the questions displayed below.) A company reports the following beginning inventory and two purchases for the month", "question_title": " Required information [The following information applies to the questions displayed below.)", "question_title_for_js_snippet": "Required information 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 350 units Ending inventory at January 31 totals 150 units Beginning inventory on January 1 Units 320 Unit Cost $ 4 40 Purchase on January 9 80 Purchase on January 25 100 4 60 4 74 Required Assume the perpetual inventory system is used Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method Goods purchased Perpetual FIFO Cost of Goods Sold Inventory Balance Date of units Cost per unit of units sold Cost per Cost of Goods unit Sold of units Cost per unit Inventory Balance January 1 320 at $ 4 40 $1,408 00 80 at $ 4 60 320 at $ 4 40 $1,408 00 January 9 80 at $ 4 60 Total January 9 368 00 $1,776 00 100 at $ 4 74 320 at $ 4 40 $1,408 00 January 25 80 at 100 at $ 4 60 368 00 $ 4 74 474 00 Total January 25 $2,250 00 January 26 320 at $ 30 at $ 4 40 4 60 0 at $ 4 74 $1,408 00 138 00 0 00 0 at 50 at 1001 at 4 40 $ 4 60 $ 4 74 230 00 474 00 S Prev 14 15 16 of 20 Next ", "question_description": "\"image", "transcribed_text": "Required information [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 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Units 320 Unit Cost $ 4.40 Purchase on January 9 80 Purchase on January 25 100 4.60 4.74 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Goods purchased Perpetual FIFO: Cost of Goods Sold Inventory Balance Date # of units Cost per unit # of units sold Cost per Cost of Goods unit Sold # of units Cost per unit Inventory Balance January 1 320 at $ 4.40 = $1,408.00 80 at $ 4.60 320 at $ 4.40 = $1,408.00 January 9 80 at $ 4.60 = Total January 9 368.00 $1,776.00 100 at $ 4.74 320 at $ 4.40 = $1,408.00 January 25 80 at 100 at $ 4.60 = 368.00 $ 4.74 = 474.00 Total January 25 $2,250.00 January 26 320 at $ 30 at $ 4.40 = 4.60 = 0: at $ 4.74 = $1,408.00 138.00 0.00 0 at 50 at 1001 at 4.40 = $ 4.60 = $ 4.74 = 230.00 474.00 S < Prev 14 15 16 of 20 Next >", "related_book": { "title": "Accounting Principles", "isbn": "978-0470317549, 9780470387085, 047031754X, 470387084, 978-0470533475", "edition": "9th Edition", "authors": "Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/47.jpg", "uri": "\/textbooks\/accounting-principles-9th-edition-47", "see_more_uri": "" }, "free_related_book": { "isbn": "B0BN7RDBPZ", "uri": "\/textbooks\/the-world-behind-a-brief-model-of-our-society-1st-edition-979-8364184252-249821", "name": "The World Behind A Brief Model Of Our Society", "edition": "1st Edition" }, "question_posted": "2024-05-29 05:13:30", "see_more_questions_link": "\/study-help\/questions\/business-finance-2024-August-28", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/the-readwrite-head-for-a-handheld-music-player-has-a-654120", "description": "The read-write head for a hand-held music player has a surface area of 0.04 mm. The head is held 0.04 m above the disk, which is rotating at a constant rate of 1800 rpm. 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