Solution:
a) Cost of merchandise sold on January 28th = $ 216 + $ 196 = $ 412
b) Inventory on 31st January = $ 952.
Date | Purchases | Cost of Goods Sold | Inventory on Hand | ||||||
Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | |
Jan. 1 | 39 | $ 24 | $ 936 | ||||||
Jan. 9 | 30 | $ 24 | $ 720 | 9 | $ 24 | $ 216 | |||
Jan. 13 | 41 | $ 28 | $ 1,148 | 9 | $ 24 | $ 216 | |||
41 | $ 28 | $ 1,148 | |||||||
Jan. 28 | 9 | $ 24 | $ 216 | 34 | $ 28 | $ 952 | |||
7 | $ 28 | $ 196 | |||||||
Totals | 41 | $ 1,148 | 46 | $ 1,132 | 34 | 28 | 952 |
Note:
1) As per FIFO, goods purchased earlier are sold first.
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