x M Reset your Chegg password cx a Reset Primard | Chegg.com wconnectmeducation.com /connect.html 6 - Homework QS 6-4 Perpetual: Inventory costing with FIFO LO P1 A company reports the following beginning inventory and two purchases for the month of January, On January 26, the company sells 270 units Ending inventory at January 31 totals 130 units Units unit cost Beginning Inventory on January 1 Purchase on January 9 Purchase on January 25 B 100 2.0 2.54 Required: Assume the perpetual inventory system is used and then determine the costs assigned to ending inventory when costs are assigned based on the FIFO method Perpetual FIFO: Goods purchased Cost of Goods Sold of Inventory Balance n Cost per inventory Date units Cost per units units Cost per cost of Goods ont o Sold January 1 January 960 @ 2. 40 2 200@220 - 528.00 40 @ $ 2205 528 00 60 @ $ 240 14400 January 251005254 240 @ 60 @ 100@ $ 220 - $ 2.40 - 254 TO $528 00 16400 25400 5926.00 January 26 $ le le 5 5 $ 2.20 - 2.40 2.54 = 0.00 000 0.00 Arch 2020 VENC wake au incet POOL 3: inactivate PTO, retirement POOL inachote all bence Baylor: Sny same (Gayle) x M Reset your Chegg password cx a Reset Primard | Chegg.com wconnectmeducation.com /connect.html 6 - Homework QS 6-4 Perpetual: Inventory costing with FIFO LO P1 A company reports the following beginning inventory and two purchases for the month of January, On January 26, the company sells 270 units Ending inventory at January 31 totals 130 units Units unit cost Beginning Inventory on January 1 Purchase on January 9 Purchase on January 25 B 100 2.0 2.54 Required: Assume the perpetual inventory system is used and then determine the costs assigned to ending inventory when costs are assigned based on the FIFO method Perpetual FIFO: Goods purchased Cost of Goods Sold of Inventory Balance n Cost per inventory Date units Cost per units units Cost per cost of Goods ont o Sold January 1 January 960 @ 2. 40 2 200@220 - 528.00 40 @ $ 2205 528 00 60 @ $ 240 14400 January 251005254 240 @ 60 @ 100@ $ 220 - $ 2.40 - 254 TO $528 00 16400 25400 5926.00 January 26 $ le le 5 5 $ 2.20 - 2.40 2.54 = 0.00 000 0.00 Arch 2020 VENC wake au incet POOL 3: inactivate PTO, retirement POOL inachote all bence Baylor: Sny same (Gayle)