Quayle Bookstore had the following beginning inventory, purchases, and sales during the month of January:
Date Beginning Inventory/Purchases Sales
Jan. 01 500 @ $9
14 380 @ $15
17 250 @ $10
25 250 @ $12
29 260 @ $17
Quayle uses the perpetual inventory method. According to a physical count, 360 units were on hand at January 31 (ending inventory).
The cost of the inventory at January 31 (ending inventory), under the FIFO method is:
Cost of the inventory at January 31 (ending inventory), under the FIFO method is: $4,100 | |||||||||
FIFO | |||||||||
Purchase/Purchase | Cost of Goods sols | Closing Inventory | |||||||
Date | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost |
Jan-01 | 500 | 9 | 4,500 | 500 | 9 | 4,500 | |||
Jan-14 | 380 | 9 | 3,420 | 120 | 9 | 1,080 | |||
Jan-17 | 250 | 10 | 2,500 | 120 | 9 | 1,080 | |||
250 | 10 | 2,500 | |||||||
Jan-25 | 250 | 12 | 3,000 | 120 | 9 | 1,080 | |||
250 | 10 | 2,500 | |||||||
250 | 12 | 3,000 | |||||||
Jan-29 | 120 | 9 | 1,080 | 110 | 10 | 1,100 | |||
140 | 10 | 1,400 | 250 | 12 | 3,000 | ||||
Total | 1,000 | 10,000 | 640 | 5,900 | 360 | 4,100 | |||
Quayle Bookstore had the following beginning inventory, purchases, and sales during the month of January: Date ...
Quayle Bookstore had the following beginning inventory, purchases, and sales during the month of January: Date Beginning Inventory/Purchases Sales Jan. 01 500 @ $9 14 380 @ $15 17 250 @ $10 25 250 @ $12 29 260 @ $17 Quayle uses the perpetual inventory method. According to a physical count, 360 units were on hand at January 31 (ending inventory). The cost of the inventory at January 31 (ending inventory), under the LIFO method is:
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