Question

with explaining plaese

A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 450 units. Ending inventory at January 31 totals 170 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 410 90 120 Unit Cost $4.00 4.20 4.30 Required: Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Answer is not complete. Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance # of units Cost per unit # of units Cost of Goods Available for Sale $ 1,640 Cost per unit Cost of Goods Sold $ 1,640 sold # of units in ending Cost inventory per unit 120 $ 4.00 Ending Inventory 410 $ 4.00 410 $ 4.00 $ 480 Beg. Inventory Purchases: January 9 January 25 Total 90 120 620 4.20 4. 30 378 16 2,534 5 122 360 X 892 4.20 4.30 512 1,548 3,700 $ $ 120 $ 480

Answer 1

	Cost of goods Available for Sale			Cost of goods Sold			Inventory Balance
	# of Units	Cost per Units	Cost of goods avialable for sales	# of Units	Cost per Units	Cost of goods Sold	# of Units	Cost per Unit	Ending Inventory
Beg Inventory	410	4	$                                1,640.00	410	4	1640
Purchase
Jan-09	90	4.2	$                                    378.00	40	4.2	168	50	4.2	$                  210.00
Jan-25	120	4.3	$                                    516.00				120	4.3	$                  516.00
Total	620		$                                2,534.00	450		$           1,808.00	170		$                  726.00