!Required informationProblem 8-5 (Algo) Various invettory costing methods [LO8-1,8-4)[The following information applies to the questions displayed below.]A company began January with 8,000 units of its principal product. The cost of each unit is $8. Inventory transactions forthe month of January are as follows:Date of PurchaseJanuary 10January 18TotalsDate of SaleJanuary 5January 12January 20Total* Includes purchase price and cost of freight.SalesUnit'sFIFO6,0008,00014,000Beginning InventoryPurchases:January 10January 18TotalProblem 8-5 (Algo) Part 1Units11,000 units were on hand at the end of the month.4,0002,0005,00011,000Required:1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system.PurchasesUnit Cost*$910Cost of Goods Available for SaleCost ofGoodsAvailable forSale8,000 $8.00 $64,000Number Cost perof units unit6,000 $9.008,000 $10.0022,000Total Cost$ 54,00080,000$ 134,000$54,00080,000198,000Cost of Goods Sold - Periodic FIFONumber ofunits sold0Cost perunit$$$Cost ofGoods Sold8.00 $9.0010.00$0000Ending Inventory - Periodic FIFONumber ofunits inendinginventory0Cost perunit$$$EndingInventory8.00 $9.0010.00$0000

The inventory can be valued using various methods as LIFO, FIFO and weighted average method. FIFO…

Required information Problem 8-5 (Algo) Various invettory costing methods [LO8-1, 8-4] [The following information applies to the questions displayed below.] A company began January with 8,000 units of its principal product. The cost of each unit is $8. Inventory transactions for the month of January are as follows: Date of Purchase. January 10 January 18 Totals Sales Unit's Date of Sale January 5 January 12 January 20 Total 6,000 8,000 14,000 * Includes purchase price and cost of freight. Units 4,000 2,000 5,000 11,000 Purchases Unit Cost* $9 Problem 8-5 (Algo) Part 1 10 Total Cost $ 54,000 80,000 $ 134,000 11,000 units were on hand at the end of the month.

Required information Problem 8-5 (Algo) Various invettory costing methods [LO8-1, 8-4] [The following information applies to the questions displayed below.] A company began January with 8,000 units of its principal product. The cost of each unit is $8. Inventory transactions for the month of January are as follows: Date of Purchase. January 10 January 18 Totals Sales Unit's Date of Sale January 5 January 12 January 20 Total 6,000 8,000 14,000 * Includes purchase price and cost of freight. Units 4,000 2,000 5,000 11,000 Purchases Unit Cost* $9 Problem 8-5 (Algo) Part 1 10 Total Cost $ 54,000 80,000 $ 134,000 11,000 units were on hand at the end of the month.

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter9: Working Capital

Section: Chapter Questions

Problem 27E

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