Purchases
Date of Purchase
Units
Unit Cost*
January 10
6,000
$ 9
January 18
9,000
10
Totals
15,000
* Includes purchase price and cost of freight.
Total Cost
$ 54,000
90,000
$ 144,000
Sales
Date of Sale
Units
January 5
5,000
January 12
3,000
January 20
6,000
Total
14,000
10,000 units were on hand at the end of the month.
Problem 8-5 (Algo) Part 1
Required:
1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system.
Cost of Goods Available for Sale
Cost of Goods Sold - Periodic FIFO
Ending Inventory - Periodic FIFO
Cost of
FIFO
Number Cost per
Goods
of units
unit
Available for
Number of Cost per
unit
units sold
Cost of
Goods So
Sale
Number of
units in
ending
inventory
Cost per Ending
unit
Inventory
Beginning Inventory
Purchases:
9,000 $ 8.00 $
72,000
8 $
8.00 $
64
9,000 $
8.00 $ 72,000
January 10
6,000 $ 9.00
54,000
5,000 $
9.00
45,000
$
9.00
0
January 18
9,000 $ 10.00
90,000
6,000 $
10.00
60,000
10.00 $
0
Total
24,000
$
216,000
11,008
$ 105,064
9,000
$ 72,000
