Question

a of estion Lamp Inc. sells lamps. During March 2018, its inventory records for the category "Nightstand Lamps" were as follows: Quantity Price per Lamp Total Beginning Inventory 2,000 lamps $26 = $52,000 March 7 Purchase 1,800 lamps = $52,200 March 11 Sale 2,500 lamps N/A March 17 Purchase 900 lamps $31 = $27,900 March 23 Sale 800 lamps N/A March 28 Purchase 700 lamps $32 = $22,400 $29 Using the information above, perpetual FIFO cost of goods sold is: Select one: a. $91,300 b. $92,800 c. $89,700 d. $86,400 Check m

Answer 1

If it is helpful, please rate the answer and if any doubt arises let me know

Correct option is: c. $89,700
Workings:
	Purchases			Cost of goods sold - Perpetual FIFO			Inventory on hand
FIFO	Quantity	Cost per unit	Total cost	Quantity	Cost per unit	Total cost	Quantity	Cost per unit	Total cost
Beginning Inventory							2,000	$          26	$ 52,000
March 7	1,800	$          29	$     52,200				2,000	$          26	$ 52,000
							1,800	$          29	$ 52,200
March 11				2,000	$          26	$ 52,000	1,300	$          29	$ 37,700
				500	$          29	$ 14,500
March 17	900	$          31	$     27,900				1,300	$          29	$ 37,700
							900	$          31	$ 27,900
March 23				800	$          29	$ 23,200	500	$          29	$ 14,500
							900	$          31	$ 27,900
March 28	700	$          32	$     22,400				500	$          29	$ 14,500
							900	$          31	$ 27,900
							700	$          32	$ 22,400
Totals	3,400		$ 1,02,500	3,300		$ 89,700	1,400		$ 64,800