FIFO Periodic Inventory System | |||
Date | Accounts title | Debit | Credit |
Jan 4 | Accounts receivable | $ 744 | |
Sales revenue | $ 744 | ||
To record sales revenue on account. (93*8) | |||
Jan 11 | Purchase | $ 990 | |
Accounts payable | $ 990 | ||
To record inventory purchased on account. (165*6) | |||
Jan 13 | Accounts receivable | $ 1,224 | |
Sales revenue | $ 1,224 | ||
To record sales revenue on account. (136*9) | |||
Jan 20 | Purchase | $ 1,141 | |
Accounts payable | $ 1,141 | ||
To record inventory purchased on account. (163*7) | |||
Jan 27 | Accounts receivable | $ 1,144 | |
Sales revenue | $ 1,144 | ||
To record sales revenue on account. (104*11) | |||
Jan 31 | Inventory (ending) (113*7) | $ 791 | |
Cost of goods sold (Balancing figure) (2131+590-791) | $ 1,930 | ||
Purchases (990+1141) | $ 2,131 | ||
Inventory (beginning) (118*5) | $ 590 | ||
To close the purchase account. Ending inventory is 113 which consists of 113 units @$7 from units purchased on Jan 20 |
Sales revenue (744+1224+1144) | $ 3,112 |
Less: cost puff goods sold | $ 1,930 |
Gross profit | $ 1,182 |
First In First Out (FIFO) Method | Perpetual Inventory System | ||||||||
Date | Purchase | Cost of goods sold | Inventory on Hand | ||||||
Qty | Price | Value | Qty | Price | Value | Qty | Price | Value | |
Jan 1 | 118 | 5 | 590 | ||||||
Jan 4 | 93 | 5 | 465 | 25 | 5 | 125 | |||
Jan 11 | 165 | 6 | 990 | 25 | 5 | 125 | |||
165 | 6 | 990 | |||||||
Jan 13 | 25 | 5 | 125 | 54 | 6 | 324 | |||
111 | 6 | 666 | |||||||
Jan 20 | 163 | 7 | 1141 | 54 | 6 | 324 | |||
163 | 7 | 1141 | |||||||
Jan 27 | 54 | 6 | 324 | 113 | 7 | 791 | |||
50 | 7 | 350 | |||||||
Total Cost of goods sold | $ 1,930 | Ending Inventory | $ 791 |
FIFO Perpetual Inventory System | |||
Date | Accounts title | Debit | Credit |
Jan 4 | Accounts receivable | $ 744 | |
Sales revenue | $ 744 | ||
To record sales revenue on account. (93*8) | |||
Jan 4 | Cost of goods sold | $ 465 | |
Inventory | $ 465 | ||
To record the cost of inventory sold | |||
Jan 11 | Inventory | $ 990 | |
Accounts payable | $ 990 | ||
To record inventory purchased on account. (165*6) | |||
Jan 13 | Accounts receivable | $ 1,224 | |
Sales revenue | $ 1,224 | ||
To record sales revenue on account. (136*9) | |||
Jan 13 | Cost of goods sold | $ 791 | |
Inventory | $ 791 | ||
To record the cost of inventory sold (125+666) | |||
Jan 20 | Inventory | $ 1,141 | |
Accounts payable | $ 1,141 | ||
To record inventory purchased on account. (163*7) | |||
Jan 27 | Accounts receivable | $ 1,144 | |
Sales revenue | $ 1,144 | ||
To record sales revenue on account. (104*11) | |||
Jan 27 | Cost of goods sold | $ 674 | |
Inventory | $ 674 | ||
To record the cost of inventory sold (324+350) |
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