XYZ Inc. has the following inventory transactions for the month of January: January 1: Beginning Inventory of
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Question:
XYZ Inc. has the following inventory transactions for the month of January:
- January 1: Beginning Inventory of 500 units at a cost of $10 per unit.
- January 10: Purchased 1,000 units at a cost of $12 per unit.
- January 20: Sold 1,200 units for a total revenue of $27,000.
- January 25: Purchased 600 units at a cost of $15 per unit.
- January 30: Sold 1,000 units for a total revenue of $24,000.
Using the FIFO inventory method, what is the cost of goods sold and ending inventory for the month of January? Show all calculations.
Related Book For
Financial Accounting
ISBN: 9780078110825
2nd Edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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