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  • Inventory Cost Flow

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    Lhea Villanueva
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    The document provides inventory information for an entity in January, including beginning balance, purchases on January 6 and 26 at different unit costs, and sales on January 7 and 31. It asks to calculate the ending inventory balance and cost of goods sold for January under the perpetual FIFO, periodic FIFO, perpetual weighted average, and periodic weighted average inventory costing methods.

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    The document provides inventory information for an entity in January, including beginning balance, purchases on January 6 and 26 at different unit costs, and sales on January 7 and 31. It asks to calculate the ending inventory balance and cost of goods sold for January under the perpetual FIFO, periodic FIFO, perpetual weighted average, and periodic weighted average inventory costing methods.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    18 views1 page

    Inventory Cost Flow

    Uploaded by

    Lhea Villanueva
    The document provides inventory information for an entity in January, including beginning balance, purchases on January 6 and 26 at different unit costs, and sales on January 7 and 31. It asks to calculate the ending inventory balance and cost of goods sold for January under the perpetual FIFO, periodic FIFO, perpetual weighted average, and periodic weighted average inventory costing methods.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    The following information was available from the inventory records of an entity for January:

    Units Unit Cost Total Cost


    Balance, January 1 3,000 100 300,000
    Purchases
    January 6 2,000 120 240,000
    January 26 2,700 110 297,000
    Sales
    January 7 2,500
    January 31 4,300

    1. If the entity used the perpetual system FIFO method, what is the inventory balance on January 31 and cost
    of goods sold?

    2. If the entity used the periodic system FIFO, what is the cost of goods sold for January and cost of goods
    sold

    3. If the entity used the perpetual system weighted average method, what is the inventory balance on January
    31 and cost of goods sold?

    4. If the entity used the periodic system weighted average, what is the cost of goods sold for January and cost
    of goods sold

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