Perpetual FIFO: Goods purchased # of Cost per Date units unit # of units sold...
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Perpetual FIFO: Goods purchased # of Cost per Date units unit # of units sold Cost of Goods Sold Cost per Cost of Goods unit Sold Inventory Balance # of units Cost per Inventory unit Balance January 1 January 9 80 @ $ 3.20 @ @ $ 3.20 = $ 0.00 January 25 100 @ $ 3.34 a @ $ 3.20 = @ $ 3.34 = January 26 320 30 150 3 @ @ $ 3.20 = @ $ 3.34 = Totals QS 5-4 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. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 80 100 Unit Cost $ 3.00 3.20 3.34 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the CIC method
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