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.