Answered step by step
Verified Expert Solution
Question
1 Approved Answer
TB MC Qu. 08-72 (Algo) Assuming that Beech Soda... Beech Soda, Incorporated uses a perpetual inventory system. The company's beginning inventory of a particular product
TB MC Qu. 08-72 (Algo) Assuming that Beech Soda...
Beech Soda, Incorporated 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:
Quantity | Unit Cost | Total Cost | |
---|---|---|---|
Beginning inventory (January 1) | 23 | $ 25 | $ 575 |
Purchase (January 11) | 26 | $ 31 | 806 |
Purchase (January 20) | 37 | $ 33 | 1,221 |
Total | 86 | $ 2,602 |
On January 14, Beech Soda, Incorporated sold 39 units of this product. The other 47 units remained in inventory at January 31.
Assuming that Beech Soda uses the FIFO cost flow assumption, the 47 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