Solution-Determine the cost of goods available for sale

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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Determine the cost of goods available for sale

Reference no: EM13342450

Reference no: EM13342450

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