This is my answer so far, I am stumped on how to calculate for the...
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This is my answer so far, I am stumped on how to calculate for the bottom. Please let me know if what I have so far is not correct!
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 520 units. Ending inventory at January 31 totals 480 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 500 300 200 Unit Cost $ 4.00 5.00 2.50 Perpetual FIFO: Goods purchased Date # of Cost per units per unit Cost of Goods Sold # of units Cost per Cost of sold unit Goods Sold January 1 January 9 | 300 @ 5.00 Inventory Balance # of units Cost per Inventory unit Balance 500 @ 4.00 - $2,000.00 500 @ 4.00 - $2,000.00 300 @ $ 5.00 = 1,500.00 $3,500.00 500 @ $ 4.00 = $2,000.00 300 @ $ 5.00 = 1,500.00 200 @ $ 2.50 = 500.00 $4,000.00 January 25 200 @ 2.50 January 26 500 4.00 @ @ S $ $ 4.00 = 5.00 = 2.50 = 1 $2,000.00 0.00 0.00 $2,000.00 @ @ $ $ 5.00 = 2.50 Totals
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