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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 $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

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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$

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