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Type or Problem Hans Inc. is a merchandising company that resells equestrian saddles. The company's inventory data is as follows: Cost of Goods Available for
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Problem Hans Inc. is a merchandising company that resells equestrian saddles. The company's inventory data is as follows: Cost of Goods Available for Sale Jan. 1 Beginning Balance 2 units @ $200 = $400 Jan. 5 Purchase 3 units @ $400 = $1,200 Jan. 20 Purchase 4 units @ $500 = $2,000 Retail Sales of Goods Jan. 15 Sales 3 units @ $900 = $2,700 Jan. 31 Sales 2 units @ $1,000 = $1,800 Assume Hans Inc. uses a perpetual inventory system. For the January 15th sale, the units sold consisted of 2 units from January 5th purchase and 1 unit from January 1st inventory balance. For the January 31st sale, the units sold consisted of 1 unit from the January 1st inventory balance and 1 unit from the January 20th purchase. 6.) Total Cost of Goods Available for Sale equals $ 7.) Under the FIFO method, the cost of ending inventory is $ 8.) Under the LIFO method, the cost of goods sold is $ 9.) Under the Weighted Average Cost method, the cost of ending inventory is $ 10.) What is the company's sales revenue for the month of January? $Step by Step Solution
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