Required: Determine the cost assigned to ending inventory and to cost of goods sold using FIFO....

Transcribed Image Text:

Required: Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Date Activities Units Acquired at Cost Units Sold at Retail Selling Units Cost Total cost Units Total Sales per unit price per unit January 01 January 09 Beginning inventory Sales 175 $10.00 $1,750.00 135 $19.00 $2,565.00 January 19 January 25 Purchase Sales 130 $9.00 1,170.00 140 $19.00 2,660.00 January 30 Purchase Totals 275 $7.00 580 1,925.00 $4,845.00 275 $5,225.00 Perpetual FIFO Units available 175 units from beginning inventory 130 units purchased on January 19 275 units purchased on January 30 Cost of Goods Sold - Jan 9 |Cost of Goods Sold - Jan 25 Units Cost per unit Cost of goods sold Units Cost Cost of per unit goods sold Units Ending Inventory Cost Inventory per unit 135 $10.00 $1,350.00 $10.00 $10.00 $9.00 $9.00 $9.00 $7.00 $7.00 $7.00 Totals 135 $1,350.00 0 $0.00 0 $0.00 Required: Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Date Activities Units Acquired at Cost Units Sold at Retail Selling Units Cost Total cost Units Total Sales per unit price per unit January 01 Beginning inventory 175 $10.00 $1,750.00 January 09 January 19 January 25 January 30 Sales Purchase Sales 135 $19.00 $2,565.00 130 $9.00 1,170.00 140 $19.00 2,660.00 Purchase Totals 275 $7.00 1,925.00 580 $4,845.00 275 $5,225.00 Units Perpetual LIFO Units available 175 units from beginning inventory 130 units purchased on January 19 275 units purchased on January 30 Cost of Goods Sold - Jan 9 |Cost of Goods Sold - Jan 25 Cost per unit Cost of goods sold Units Cost per unit goods sold Cost of Units Ending Inventory Cost Inventory per unit $10.00 $10.00 $10.00 $9.00 $9.00 $9.00 $7.00 $7.00 $7.00 Totals 0 $0.00 0 $0.00 0 $0.00 Required: Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Date Activities Units Acquired at Cost Units Sold at Retail Selling Units Cost Total cost Units Total Sales per unit price per unit January 01 January 09 Beginning inventory Sales 175 $10.00 $1,750.00 135 $19.00 $2,565.00 January 19 January 25 Purchase Sales 130 $9.00 1,170.00 140 $19.00 2,660.00 January 30 Purchase Totals 275 $7.00 580 1,925.00 $4,845.00 275 $5,225.00 Perpetual FIFO Units available 175 units from beginning inventory 130 units purchased on January 19 275 units purchased on January 30 Cost of Goods Sold - Jan 9 |Cost of Goods Sold - Jan 25 Units Cost per unit Cost of goods sold Units Cost Cost of per unit goods sold Units Ending Inventory Cost Inventory per unit 135 $10.00 $1,350.00 $10.00 $10.00 $9.00 $9.00 $9.00 $7.00 $7.00 $7.00 Totals 135 $1,350.00 0 $0.00 0 $0.00 Required: Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Date Activities Units Acquired at Cost Units Sold at Retail Selling Units Cost Total cost Units Total Sales per unit price per unit January 01 Beginning inventory 175 $10.00 $1,750.00 January 09 January 19 January 25 January 30 Sales Purchase Sales 135 $19.00 $2,565.00 130 $9.00 1,170.00 140 $19.00 2,660.00 Purchase Totals 275 $7.00 1,925.00 580 $4,845.00 275 $5,225.00 Units Perpetual LIFO Units available 175 units from beginning inventory 130 units purchased on January 19 275 units purchased on January 30 Cost of Goods Sold - Jan 9 |Cost of Goods Sold - Jan 25 Cost per unit Cost of goods sold Units Cost per unit goods sold Cost of Units Ending Inventory Cost Inventory per unit $10.00 $10.00 $10.00 $9.00 $9.00 $9.00 $7.00 $7.00 $7.00 Totals 0 $0.00 0 $0.00 0 $0.00