Homework Answers
| FIFO | Cost of Goods Available for sale | Cost of Goods Sold | Ending Balance | |||||||
| Date | Activity | Units | Unit Price | Amount | Units | Unit Price | Amount | Units | Unit Price | Amount |
| Jan-01 | Beginning Inventory | 250 | $ 17.00 | $ 4,250.00 | 250 | $ 17.00 | $ 4,250.00 | |||
| Jan-05 | Purchase | 100 | $ 18.00 | $ 1,800.00 | 250 | $ 17.00 | $ 4,250.00 | |||
| 100 | $ 18.00 | $ 1,800.00 | ||||||||
| Jan-08 | Sales | 200 | $ 17.00 | $ 3,400.00 | 50 | $ 17.00 | $ 850.00 | |||
| 100 | $ 18.00 | $ 1,800.00 | ||||||||
| Jan-10 | Purchase | 900 | $ 19.00 | $ 17,100.00 | 50 | $ 17.00 | $ 850.00 | |||
| 100 | $ 18.00 | $ 1,800.00 | ||||||||
| 900 | $ 19.00 | $ 17,100.00 | ||||||||
| Jan-18 | Sales | 50 | $ 17.00 | $ 850.00 | ||||||
| 100 | $ 18.00 | $ 1,800.00 | ||||||||
| 650 | $ 19.00 | $ 12,350.00 | 250 | $ 19.00 | $ 4,750.00 | |||||
| Jan-22 | Purchase | 1200 | $ 20.00 | $ 24,000.00 | 250 | $ 19.00 | $ 4,750.00 | |||
| 1200 | $ 20.00 | $ 24,000.00 | ||||||||
| Jan-30 | Sales | 250 | $ 19.00 | $ 4,750.00 | ||||||
| 750 | $ 20.00 | $ 15,000.00 | 450 | $ 20.00 | $ 9,000.00 | |||||
| Total | $ 38,150.00 | $ 9,000.00 | ||||||||
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