Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: August...
Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales for Item HM46 are as follows:
| August 1 | Inventory | 56 units @ $21 | |
| 9 | Sale | 41 units | |
| 13 | Purchase | 43 units @ $24 | |
| 28 | Sale | 23 units |
Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on August 28 and (b) the inventory on August 31.
| a. Cost of merchandise sold on August 28 | $ |
| b. Inventory on August 31 | $ |
Homework Answers
|
Cost of Goods Sold = (41*21) + (15*21) + (8*24) = 1368 |
|
|
Inventory = (35*24) = 840 |
Comment if you face any issues
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Perpetual Inventory Using FIFO
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