Mojo Industries tracks the number of units purchased and sold throughout each ac

Question

Mojo Industries tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the accounting period January 31. The inventory's selling price is $14 per unit. Unit CostUnitsTotal Cost 310 Transactions Inventory, January 1 Sale, January 10 Purchase, January 12 Sale, January 17 Purchase, January 26 $5.00 5.50 6.50 $1,550 1,980 520 (150) 80 Assuming that for Specific identification method (item 1d) the January 10 sale was from the beginning inventory and the January 17 sale was from the January 12 purchase. Required: 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each of the following inventory costing methods: (Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount.) Amount of Goods Ending Inventory Cost of Goods Sold Available for Sale a. Weighted average cost b. First-in, first-out c. Last-in, first-out d Specific identificatiorn

Explanation / Answer

Workings:

1 Amount of Goods Available for Sale Ending Inventory Cost of Goods Sold a. Weighted average cost 4050 2160 1890 b. First-in, first-out 4050 2280 1770 c. Last-in, first-out 4050 2045 2005 d. Specific identification 4050 2225 1825

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