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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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