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Determine the dollar values for cost of goods sold

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Question - Alpha Company uses the periodic inventory system for purchase & sales of merchandise. The value of inventory is based on periodic system. On January 1, 2016, beginning inventory consisted of 350 units of widgets costing S10 each. Alpha prepares monthly income statements. The following events occurred during the month of Jan.:

Date

Activity

a.   

Jan. 3

Purchased on account 350 widgets for $11 each.

b.  

Jan. 5

Sold on account 400 widgets for S30 each.

c.   

Jan. 10

Purchased on account 625 widgets for S12 each.

d.  

Jan. 12

Returned 50 widgets received from Jan. 10 purchase.

e.   

Jan. 13

Paid for the purchases made on Jan. 3.

f.   

Jan. 21

Sold on account 550 widgets for S30 each.

g.   

Jan. 25

Received payment for the sale made on Jan. 5.

h.  

Jan. 26

Paid for the purchases made on Jan. 10.

i.    

Jan. 31

Received payment for the sale made on Jan. 21.

Using the FIFO method, determine the dollar values following for the month of January:

1. Ending Inventory

2. Cost of Goods Available for Sale

3. Cost of Goods Sold

Reference no: EM131712074

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