Question

18 QS 6-7A Periodic: Inventory costing with FIFO LO P3 A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 320 units Ending inventory at January 31 totals 140 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units Unit Cost 2 90 $2.70 70 2.90 100 Required: Assume the periodic Inventory system is used. Determine the the FIFO method to ending inventory when costs are assigned based on Periodic FIFO Inventory Balance Cost of Goods Available for Sale of Cost per Cost of Goods units unit Available for Sale 2005 5 2.70 S 783 Cost of Goods Sold of units Cost per Cost of sold u nit Goods Sold of us Cost per in ending unit all Inventory Ending Inventory Beg Inwentory Purchases January 9 January 25 203 70 1001 460 2.00 3.04 < Prev 18 of 23 Next >

Answer 1

	Cost of Goods Available for Sale			Cost of Goods Sold			Inventory Balance
	# of Units	Cost per Unit	Cost of Goods Available For Sale	# of Units	Cost per Unit	Cost of Goods Sold	# of Units	Cost per Unit	Ending Inventory
Beg. Inventory	290	$2.70	$783.00	290	$2.70	$783.00
Purchases:
January 9	70	$2.90	$203.00	30	$2.90	$87.00	40	$2.90	$116.00
January 25	100	$3.04	$304.00				100	$3.04	$304.00
Total	460		$1,290.00	320		$870.00	140		$420.00