Units Required: Determine the cost assigned to ending inventory and to cost of goods sold using...
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Units Required: Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Date Activities Units Acquired at Cost Units Sold at Retail Selling Total Sales price per unit Cost per unit Total cost Units January 01 Beginning inventory 160 $8.50 $1,360.00 January 09 Sales 120 $17.50 $2,100.00 January 19 Purchase 100 $7.50 750.00 January 25 Sales 120 $17.50 2,100.00 January 30 Purchase Totals 240 500 $7.00 1,680.00 $3,790.00 240 $4,200.00 Perpetual FIFO Units available 160 units from beginning inventory 100 units purchased on January 19 240 units purchased on January 30 Cost of Goods Sold - Jan 9 Units Cost Cost of per unit goods sold Cost of Goods Sold - Jan 25 Units Cost Cost of per unit goods sold Ending Inventory Units Cost per unit Inventory $8.50 $8.50 $8.50 $7.50 $7.50 $7.50 $7.00 $7.00 $7.00 Totals 0 $0.00 0 $0.00 0 $0.00 Your 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 cost of goods sold using FIFO and LIFO. Date Units Acquired at Cost Activities Units Cost Total cost Units per unit Units Sold at Retail Selling price per unit Total Sales January 01 Beginning inventory 160 $8.50 $1,360.00 January 09 January 19 Sales 120 $17.50 $2,100.00 Purchase 100 $7.50 750.00 January 25 Sales 120 $17.50 2,100.00 January 30 Purchase 240 $7.00 Totals 500 1,680.00 $3,790.00 240 $4,200.00 ACCT 1100 Review Assignment i 14 Saved Your Company reported the following January purchases and sales data for its only product. The Company uses a perpetual Inventory system. Date 10.5 points January 1 January 9 January 19 January 25 Activities Beginning inventory Sales Purchase Sales Units Acquired at Cost 160 units @ $ 8.50 = Units sold at Retail $ 1,360 120 units @ $ 17.50 100 units @ $ 7.50 = 750 120 units සි $ 17.50 January 30 Purchase Totals 240 units $ 7.00 = 500 units 1,680 $ 3,790 240 units eBook Required: Hint References 1. Determine the cost assigned to ending Inventory and to cost of goods sold using FIFO. 2. Determine the cost assigned to ending Inventory and to cost of goods sold using LIFO. Navigation: 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect. Open Excel in new tab Units Required: Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Date Activities Units Acquired at Cost Units Sold at Retail Selling Total Sales price per unit Cost per unit Total cost Units January 01 Beginning inventory 160 $8.50 $1,360.00 January 09 Sales 120 $17.50 $2,100.00 January 19 Purchase 100 $7.50 750.00 January 25 Sales 120 $17.50 2,100.00 January 30 Purchase Totals 240 500 $7.00 1,680.00 $3,790.00 240 $4,200.00 Perpetual FIFO Units available 160 units from beginning inventory 100 units purchased on January 19 240 units purchased on January 30 Cost of Goods Sold - Jan 9 Units Cost Cost of per unit goods sold Cost of Goods Sold - Jan 25 Units Cost Cost of per unit goods sold Ending Inventory Units Cost per unit Inventory $8.50 $8.50 $8.50 $7.50 $7.50 $7.50 $7.00 $7.00 $7.00 Totals 0 $0.00 0 $0.00 0 $0.00 Your 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 cost of goods sold using FIFO and LIFO. Date Units Acquired at Cost Activities Units Cost Total cost Units per unit Units Sold at Retail Selling price per unit Total Sales January 01 Beginning inventory 160 $8.50 $1,360.00 January 09 January 19 Sales 120 $17.50 $2,100.00 Purchase 100 $7.50 750.00 January 25 Sales 120 $17.50 2,100.00 January 30 Purchase 240 $7.00 Totals 500 1,680.00 $3,790.00 240 $4,200.00 ACCT 1100 Review Assignment i 14 Saved Your Company reported the following January purchases and sales data for its only product. The Company uses a perpetual Inventory system. Date 10.5 points January 1 January 9 January 19 January 25 Activities Beginning inventory Sales Purchase Sales Units Acquired at Cost 160 units @ $ 8.50 = Units sold at Retail $ 1,360 120 units @ $ 17.50 100 units @ $ 7.50 = 750 120 units සි $ 17.50 January 30 Purchase Totals 240 units $ 7.00 = 500 units 1,680 $ 3,790 240 units eBook Required: Hint References 1. Determine the cost assigned to ending Inventory and to cost of goods sold using FIFO. 2. Determine the cost assigned to ending Inventory and to cost of goods sold using LIFO. Navigation: 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect. Open Excel in new tab
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Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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