Question
Periodic System— Calculating Ending Inventory and Cost of Sales using FIFO The following information is available...
Periodic System— Calculating Ending Inventory and Cost of Sales using FIFO
The following information is available for Water Inc.
| Date | Units | Unit Cost |
|---|---|---|
| January 1, 2020 (beginning inventory) | 100 | $50.00 |
| Purchases: January 10, 2020 | 75 | 52.00 |
|
January 15, 2020 |
150 | 52.50 |
|
January 30, 2020 |
100 | 55.00 |
The company maintains a periodic inventory system. A physical count shows 125 units in stock on January 31. What is (a) ending inventory on January 31, and (b) cost of goods sold for January, using the FIFO inventory method?
- Note: Round your final answers below to the nearest whole dollar.
- Note: Use your rounded ending inventory answer to compute part b. cost of goods sold.
| a. Ending inventory on January 31, 2020 | Answer |
| b. Cost of goods sold for January | Answer |
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