Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. looking for someone to double check my answers in

Looking for someone to double check my answers in the blue boxes, thanks! A...

70.2K

Verified Solution

Question

Accounting

image

Looking for someone to double check my answers in the blue boxes, thanks!

A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 360 units. Ending inventory at January 31 totals 130 units Units Unit Cost Beginning inventory on January 1 Purchase on January!9 Purchase on January 25 320 70 100 $3.10 3.30 3.40 Required Assume the perpetual inventory system is used and then determine the costs assigned to ending inventory when costs are assigned based on the FIFO method Perpetual Goods St per units Cost per Cost of Goods unit #of #of units Cost per Inventory Balance Date # of units unit Sold unit sold January 1 320$ 3.10 S 992.00 320 3.10992.00 70 $ 3.30 231.00 $1,223.00 January 9 January 25 100|@? $ 3.40 320 3.10$ 992.00 70 $ 3.30231.00 340.00 $1,563.00 100 3.40 January 26 100$ 3.10310.00 70$ 3.30 231.00 1903.40646.00 $1,187.00 0 3.10 03.30 0$ 3.40 Totals

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students