A company reports the following beginning inventory and two purchases for the month of January. On...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 340 units. Ending Inventory at January 31 totals 140 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 318 79 100 Unit Cost $ 2.90 3.10 3.24 QS 5-5 (Algo) Perpetual: Inventory costing with FIFO LO P1 Required: Assume the perpetual Inventory system is used. Determine the costs assigned to ending Inventory when costs are assigned based on the FIFO method. Date January 1 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26 Goods purchased Cost per unit # of units 70 at $ 3.10 100 at $ 3.24 # of units sold 310 Perpetual FIFO: Cost of Goods Sold Cost per unit at 70 X at 170 X at $ 2.90 $ 3.10 S 3.24 Cost of Goods Sold = = = IS 899.00 217.00 550.80 S 1,666.80 # of units 310 at >> 310 70 100 Inventory Balance 310 at 70 at 333 at at at 310 Xat 70 100 at 77 at Cost per unit $ 2.90 $ 2.90 $ 3.10 $ 2.00 $ 3.10 $ 3.24 $ 2.90 $ 3.10 $ 3.24 = = = = = = = Inventory Balance $ 899.00 $ 899.00 217.00 S 1.116.00 $ 899.00 217.00 324.00 S 1.440.00 899.00 217.00 324.00 S 1.440.00 A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 340 units. Ending Inventory at January 31 totals 140 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 318 79 100 Unit Cost $ 2.90 3.10 3.24 QS 5-5 (Algo) Perpetual: Inventory costing with FIFO LO P1 Required: Assume the perpetual Inventory system is used. Determine the costs assigned to ending Inventory when costs are assigned based on the FIFO method. Date January 1 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26 Goods purchased Cost per unit # of units 70 at $ 3.10 100 at $ 3.24 # of units sold 310 Perpetual FIFO: Cost of Goods Sold Cost per unit at 70 X at 170 X at $ 2.90 $ 3.10 S 3.24 Cost of Goods Sold = = = IS 899.00 217.00 550.80 S 1,666.80 # of units 310 at >> 310 70 100 Inventory Balance 310 at 70 at 333 at at at 310 Xat 70 100 at 77 at Cost per unit $ 2.90 $ 2.90 $ 3.10 $ 2.00 $ 3.10 $ 3.24 $ 2.90 $ 3.10 $ 3.24 = = = = = = = Inventory Balance $ 899.00 $ 899.00 217.00 S 1.116.00 $ 899.00 217.00 324.00 S 1.440.00 899.00 217.00 324.00 S 1.440.00
Expert Answer:
Answer rating: 100% (QA)
Perpetual Weighted Average Cost Goods Purchased Date Jan01 Jan09 70 of Cost Per Un... View the full answer
Related Book For
Financial Accounting Information For Decisions
ISBN: 9781260705584
10th Edition
Authors: John J. Wild
Posted Date:
Students also viewed these accounting questions
-
Trucks N Stuff (TNS) is owned by two brothers: Sun-Jae and Yong-Jun. The brothers own 20% each of Brakes Etc. (BE), and the remaining 60% is owned by their childhood friend, Sam. Both Sun-Jae and...
-
Select an organization that you are familiar with and critically evaluate the following: Area of Operations 1. Forecasting 2. Product or Service design 3. Inventory Management Specific focus area 1.1...
-
1. (5 points) Implement the following expression in assembly language: AX = (val3 + 7) - (var2 + vall) + (5/3) +7 Assume that vall, val2, and val3 are 16-bit integer variables You need to implement...
-
Identify in which ledger (general or subsidiary) each of the following accounts is shown: 1. Rent Expense 2. Accounts Receivable-Chen 3. Bank Loan Payable 4. Service Revenue 5. Salaries Payable 6....
-
(a) The 5`-nucleotide of inosine, inosinic acid (C10H13N4O8P), is added to foods as a flavor enhancer. What is the structure of inosinic acid? (The structure of inosine is given in Problem 27.38.)...
-
J. J. Kersee Corporation is a publicly traded company and is currently preparing the interim financial data that it will issue to its shareholders and the securities commission at the end of the...
-
The frequency distribution from Example 7 is shown below. Find the probability of randomly selecting a social networking site user who is not 23 to 35 years old. Data from Example 7 A company is...
-
The Highland Cove Resort has a May 31 fiscal year end and prepares adjusting entries on a monthly basis. The following trial balance was prepared before recording the May 31 month-end adjustments:...
-
One of the biggest differences between civil law and criminal law is the burden of proof. Now it's time for you to explain the difference. Ina three paragraph essay, explain the difference in the...
-
Co B is the issuer of a tranche of mandatorily redeemable convertible preference shares (MRCPS) that was issued on the following terms: Required 1. Identify the elements included in the MRCPS. 2....
-
JKL Insurance Company reported the following information in its financial statements last year: Show all work . Written Premiums $90,000,000 Loss Adjustment Expenses $5,000,000 Subscription Expenses...
-
A) Dependency Identification Use the below block of RISC-V assembly. 1 addi a3, zero, 1 2 blt a0, a3, .L_EXIT_Z 3 addi a6, zero, -1 4 mv a2, zero 5 .L_LOOP: 6 lw a4, 0(a1) 7 mv a5, a3 8 blt a3, a4,...
-
Create a concept map that depicts your assumptions and findings of the theory-practice gap. You are a staff nurse working in an intensive care unit and assigned to care for a 75-year-old African...
-
When a container is empty, it weighs 14 N. If it is filled with water, the total weight is 241 N. If it is filled with fluid X, the total weight is 269. What is the specific gravity of fluid X? Add...
-
IceKreme Inc. makes ice cream machines for sale to ice cream parlours. The following events occurred between April 1 and June 30 of the current year: April 10 Received an order from Peter's...
-
A $16,000 loan is taken out and will be repaid over an amortization period of 17 years. The loan repayments are made on a SEMI-ANNUAL basis (not monthly). The rate of interest charged on the loan is...
-
Question: Make and explain the flow chart diagram of each step in Glycolysis.
-
On April 29, 2015, Auk Corporation acquires 100% of the outstanding stock of Amazon Corporation (E & P of $750,000) for $1.2 million. Amazon has assets with a fair market value of $1.4 million (basis...
-
Use the information in Exercise 1-18 to prepare a December statement of cash flows for Ernst Consulting. Assume the following additional information. a. The owners initial investment consists of...
-
Apex Fitness Club uses straight-line depreciation for a machine costing $23,860, with an estimated fouryear life and a $2,400 salvage value. At the beginning of the third year, Apex determines that...
-
Key comparative figures for Samsung, Apple, and Google follow. Required 1. Compute profit margin for Samsung, Apple, and Google. 2. Which company has the highest profit margin? In millions Samsung...
-
The percentage of heights between 156 centimeters and 168 centimeters
-
The population of unemployed adults has ages with mean m and standard deviations. Samples of unemployed adults are randomly selected so that there are exactly 100 in each sample. For each sample, the...
-
The percentage of heights between 148 centimeters and 170 centimeters
Study smarter with the SolutionInn App