Perpetual Inventory Using FIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,200 units at $40 Apr. 19 Sale 2,500 units June 30 Purchase 4,500 units at $44 Sept. 2 Sale 5,200 units Nov. 15 Purchase 1,900 units at $48 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Schedule of Cost of Goods Sold FIFO Method Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 $ $ Apr. 19 $ $ June 30 $ $ Sept. 2 Nov. 15 Dec. 31 Balances $ $ Feedback
perpetual FIFO first in first out the goods purchased earlier are deemed to be sold first
date | purchase | cost of goods sold | ending inventory | |||||||
qty | unit cost | total cost | qty | unit cost | total cost | qty | unit cost | total cost | ||
Jan 1 | 4200 | 40 | 168000 | |||||||
Apr 19 | 2500 | 40 | 100000 | 1700[4200-2500] | 40 | 68000 | ||||
June 40 | 4500 | 44 | 198000 | 1700 | 40 | 68000 | ||||
4500 | 44 | 198000 | ||||||||
Sept 2 | 1700 | 40 | 68000 | 1000[4500-3500] | 44 | 44000 | ||||
3500[5200-1700] | 44 | 154000 | ||||||||
Nov 15 | 1900 | 48 | 91200 | 1000 | 44 | 44000 | ||||
1900 | 48 | 91200 | ||||||||
Total | 457200 | 322000 | 135200 |
cost of goods sold = 322000
ending inventory = 135200$
Perpetual Inventory Using FIFO The following units of a particular item were available for sale during...
Perpetual Inventory Using FIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,200 units at $39 Apr. 19 Sale 2,700 units June 30 Purchase 4,600 units at $44 Sept. 2 Sale 5,200 units Nov. 15 Purchase 2,200 units at $46 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present the...
Perpetual Inventory Using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,200 units at $41 Apr. 19 Sale 2,600 units June 30 Purchase 4,500 units at $44 Sept. 2 Sale 4,800 units Nov. 15 Purchase 2,000 units at $47 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the...
Perpetual inventory using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,400 units at $41 Apr. 19 Sale 2,100 units June 30 Purchase 4,700 units at $46 Sept. 2 Sale 5,900 units Nov. 15 Purchase 2,200 units at $48 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. Schedule of Cost of...
Perpetual Inventory Using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $20 Apr. 19 Sale 2,500 units June 30 Purchase 6,000 units at $24 Sept. 2 Sale 4,500 units Nov. 15 Purchase 1,000 units at $25 The firm maintains a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the...
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 36 units at $47 Sale 14 units at $66 First purchase 23 units at $50 Sale 23 units at $68 Second purchase 17 units at $52 6 units at $68 The firm uses the perpetual inventory system, and there are 33 units of the item on hand at the end of the year a. What is the...
Perpetual Inventory Using FIFO Beginning Inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 40 units at $71 10 Sale 26 units 15 Purchase 22 units at $74 20 Sale 19 units 24 Sale 11 units 30 Purchase 39 units at $78 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 65 units at $70 10 Sale 48 units 15 Purchase 29 units at $73 20 Sale 22 units 24 Sale 15 units 30 Purchase 33 units at $77 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 46 units at $50 10 Sale 36 units 15 Purchase 24 units at $52 20 Sale 17 units 24 Sale 9 units 30 Purchase 23 units at $55 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the...
.................. FIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 78 $600 $46,800 Purchase 156 720 112,320 104 208,000 11 30 May 8 Sale Sale Purchase 65 130,000 130 2,000 2,000 800 2,000 2,000 104,000 10 Sale 78 156,000 39 78,000 130 880 114,400 19 28 June 5 16 21 Sale Purchase Sale...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 56 units at $68 Sale 42 units Purchase 26 units at $71 Sale 20 units 13 units Sale Purchase 25 units at $74 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated...