Rio Company Uses the FIFO Inventory Costing Method and Has

Short Answer

Rio 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,2010:
$\begin{array} { l c c } & \text { Units } & \text { Unit Cost } \\ \text { Beginning inventory } & 100 & \$ 1.00 \\ \text { Purchase, January 6 } & 200 & 1.20 \\ \text { Sale, January 10 (at \$2.40 per unit) } & 110 & \\ \text { Purchase, January 14 } & 100 & 1.30 \\ \text { Sale, January 29 (at } \$ 2.60 \text { per unit) } & 170 & \end{array}$
Determine the following:
A. 2010 cost of goods available for sale
B. 2010 ending inventory
C. 2010 cost of goods sold
D. The journal entries for January 6 and 10 .