Company XYZ uses a perpetual inventory system and had the following beginning inventory and purchases during...

 

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Company XYZ uses a perpetual inventory system and had the following beginning inventory and purchases during January 2020: Jan 1. Jan 17. Jan. 21 Total Goods Available for Sales Sales of units were as follows: Jan 16. Jan 29. Total Units Sold Jan 16. Jan 29. Date Part 1 Beginning Inventory Purchased Purchased Date Additional Data for use in applying the specific identification method: The specific units sold were: Part 2 Date Part 3 Date 225 525 750 Using the preceding information, calculate the ending inventory and the cost of goods sold under a periodic inventory system by applying each of the three different methods of inventory costing: 1. FIFO 2. Weighted Average, and (Round answers to 2 decimal places) 3. Specific Identification Using your calculations from Part 1, record the purchase on January 17 and the sale on January 29 for each of: 1. FIFO 2. Weighted Average, and 3. Specific Identification Use the following formart for journal entries: FIFO 225 units from the January 1 units on hand 100 units from the January 1 units on hand 160 units from the January 16 purchase, and 240 units from the January 20 purchase Accounts/Explanation Purchases units at $32 units at $38 Total Units Unit Cost Cost Weighted Average Purchases Journal Entries Total Units Unit Cost Cost Specific Identification Purchases Units Unit Cost Units Total Cost 325 225 325 875 DR FIFO Cost CR DR Sales (at cost) Unit Units Cost Units Cost Sales (at cost) Unit Units Cost COGS Sales (at cost) Unit COGS 17 18 19 Weighted Avg. Total Cost 5,525 4,050 6.175 15,750 COGS CR Units Units Units FIFO DR Spec. Iden. CR Inventory Balance. Unit Cost Total Cost Inventory Balance Unit Cost Total Cost Inventory Balance Unit Cost Total Cost Weighted Avg. Spec. Ident. Company XYZ uses a perpetual inventory system and had the following beginning inventory and purchases during January 2020: Jan 1. Jan 17. Jan. 21 Total Goods Available for Sales Sales of units were as follows: Jan 16. Jan 29. Total Units Sold Jan 16. Jan 29. Date Part 1 Beginning Inventory Purchased Purchased Date Additional Data for use in applying the specific identification method: The specific units sold were: Part 2 Date Part 3 Date 225 525 750 Using the preceding information, calculate the ending inventory and the cost of goods sold under a periodic inventory system by applying each of the three different methods of inventory costing: 1. FIFO 2. Weighted Average, and (Round answers to 2 decimal places) 3. Specific Identification Using your calculations from Part 1, record the purchase on January 17 and the sale on January 29 for each of: 1. FIFO 2. Weighted Average, and 3. Specific Identification Use the following formart for journal entries: FIFO 225 units from the January 1 units on hand 100 units from the January 1 units on hand 160 units from the January 16 purchase, and 240 units from the January 20 purchase Accounts/Explanation Purchases units at $32 units at $38 Total Units Unit Cost Cost Weighted Average Purchases Journal Entries Total Units Unit Cost Cost Specific Identification Purchases Units Unit Cost Units Total Cost 325 225 325 875 DR FIFO Cost CR DR Sales (at cost) Unit Units Cost Units Cost Sales (at cost) Unit Units Cost COGS Sales (at cost) Unit COGS 17 18 19 Weighted Avg. Total Cost 5,525 4,050 6.175 15,750 COGS CR Units Units Units FIFO DR Spec. Iden. CR Inventory Balance. Unit Cost Total Cost Inventory Balance Unit Cost Total Cost Inventory Balance Unit Cost Total Cost Weighted Avg. Spec. Ident.