QS 5-4 Perpetual: Inventory costing with FIFO LO P A comparry repors efolowing b

Question

QS 5-4 Perpetual: Inventory costing with FIFO LO P A comparry repors efolowing beginning nvertory and purchases for the month of Januaty. On January 26, the compary sels 420 units. 170 units remain in ending inventory at January 31 Beginning mventory on January t380 3.0 Purchase on January 3 80 Purchase on January 25 Required Assume perpetual imeentry system is wed and then seserm eas whan cosis ane ass gned based on the FiFO metod (Round per unit costs and imventory amounts to 2 ed to ending neentoy decimal places.) Perpetual FIFO Goods purchasedCost of Goods Sold Inentory Balance Cost per Inventory rar Cost per unis |Cost per Cost of Goods! #or units Date units unit sold January 25 Totals

Explanation / Answer

380 @ $3.70 = $1,406

90 @ $3.90 = $351

380 @ $3.70 = $1,406

90 @ $3.90 = $351

120 @ $4.00 = $480

380 @ $3.70 = $1,406

40 @ $3.90 = $156

50 @ $3.90 = $195

120 @ $4.00 = $480

Ending inventory = 50 @ $3.90 + 120 @ $4.00 = 195+480 = $675

FIFO Date Goods Purchased Cost of Goods Sold Inventory Balance Jan 1 380 @ $3.70 = $1,406 Jan 9 90 @ $3.90 = $351

380 @ $3.70 = $1,406

90 @ $3.90 = $351

Jan 25 120 @ $4.00 = $480

380 @ $3.70 = $1,406

90 @ $3.90 = $351

120 @ $4.00 = $480

Jan 26

380 @ $3.70 = $1,406

40 @ $3.90 = $156

50 @ $3.90 = $195

120 @ $4.00 = $480

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