Fnd out cost of goods available for sale ending inventory

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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: EM13472728

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