Question

A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 400 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 360 80 110 Unit Cost $ 3.50 3.70 3.80 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 complete but not entirely correct. Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance Cost # of units Cost per unit Cost of Goods Available for Sale $ 1,260 # of units sold Cost of Goods Sold # of units in ending inventory 0 Cost per unit Ending Inventory per unit 360 $ 3.50 360 $ 3.50 $ 1,260 Beg. Inventory Purchases: January 9 January 25 Total 80 3.70 296 50 X 3.70 185 40 3.70 148 3.80 418 0 3.80 380 110 550 100 % 140 $ 1,974 410 $ 1,445 $ 528

Please help

Answer 1

Calculate following

Periodic FIFO	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 sold	Cost per unit	Cost of goods sold	# of units in ending inventory	Cost per unit	Ending inventory
Beg Inv	360	3.5	1260	360	3.5	1260
Purchases
Jan 9	80	3.7	296	40	3.7	148	40	3.7	148
Jan 25	110	3.8	418				110	3.8	418
Total	550		1974	400		1408	150		566