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Home / Questions / QS 6-4 Perpetual: Inventory costing with FIFO LO P1 A company reports the following beginning invent

QS 6-4 Perpetual: Inventory costing with FIFO LO P1 A company reports the following beginning invent

QS 6-4 Perpetual: Inventory costing with FIFO LO P1 A company reports the following beginning inventory and two purchases for

QS 6-4 Perpetual: Inventory costing with FIFO LO P1 A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending Inventory at January 31 totals 150 units Units Unit Cost $ 3.ee Beginning inventory on January 1 Purchase on January 9 320 80 3.20 Purchase on January 25 10e 3.34 Required: Assume the perpetual Inventory system is used and then determine the costs assigned to ending Inventory when costs are assigned based on the FIFO method. Perpetual FIFO: Goods purchased Cost of Goods Sold Inventory Balance # of Cost per Inventory # of Cost per unit Cost of Cost per unit Date units # of units units unit Goods Sold Balance sold January 1 January 9 S 0.00 January 25 January 26 Totals

Apr 01 2020 View more View Less

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