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Determine the cost of goods available for sale

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Reference no: EM13342450

A company uses the FIFO inventory costing method and has a perpetual inventory system. All purchases and sales were cash transactions. The records reflected the following for January.

 

Units

Unit Cost

Beginning Inventory

100

$1.50

Purchase, January 4

200

$1.10

Sale, January 18 at $2.20 per unit

110

Purchase, January 22

100

$1.60

Sale, January 28 at $2.40 per unit

170

Determine the cost of goods available for sale, the ending inventory, and the cost of goods sold. Then create the journal entries for January 4 and 18.

Reference no: EM13342450

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