Under FIFO Method : | ||||||||||
Goods purchased | Cost of Goods sold | Ending Inventory | ||||||||
Date | NO of Units | Per Unit | Total | NO of Units | Per Unit | Total | NO of Units | Per Unit | Total | |
01-Jan | 210 | $ 13.50 | $ 2,835.00 | 50 | $ 18.00 | $ 900.00 | ||||
09-Jan | 37 | $ 18.00 | $ 666.00 | 13 | $ 18.00 | $ 234.00 | ||||
13-Jan | 33 | $ 20.00 | $ 660.00 | 13 | $ 18.00 | $ 234.00 | ||||
33 | $ 20.00 | $ 660.00 | ||||||||
28-Jan | 13 | $ 18.00 | $ 234.00 | 0 | $ 18.00 | $ - | ||||
6 | $ 20.00 | $ 120.00 | 27 | $ 20.00 | $ 540.00 | |||||
56 | $ 1,020.00 | 27 | $ 540.00 | |||||||
Question (a) | Cost of Goods Sold on Jan 28th is 234+120 = 354 | |||||||||
Question (b) | Inventory as on 31st January is $ 540 | |||||||||
Happy Learning and All the Best |
Perpetual Inventory Using FIFO Beginning Inventory purchases, and sales for Item 1901 are as follows: January...
perpetual inventory using FIFO Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item 1901 are as follows: August 1 Inventory 37 units $24 31 units 13 Purchase 41 units $25 Sale 28 Sale 14 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
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item B901 are as follows: 42 units @ $15 33 units January 1 9 13 28 Inventory Sale Purchase Sale 37 units @ $16 15 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 28 and (b) the inventory on January 31. a. Cost of merchandise sold on January $ 28 b. Inventory on January 31
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item ER27 are as follows: January 1 Inventory 76 units @ $16 9 Sale 49 units 13 Purchase 70 units @ $17 28 Sale 33 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 28 and (b) the inventory on January 31. a. Cost of merchandise sold on January 28 $ b. Inventory on January 31 $
Question 1 Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item ER27 are as follows: May 1 Inventory 80 units @ $20 Sale 9 67 units 13 78 units @ $22 Purchase 28 Sale 19 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on May 28 and (b) the inventory on May 31. a. Cost of merchandise sold on May 28 b. Inventory on May 31...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item B901 are as follows: May 1 Inventory 39 units @ $19 9 Sale 30 units 13 Purchase 35 units @ $20 28 Sale 17 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on May 28 and (b) the inventory on May 31. a. Cost of merchandise sold on May 28 $ b. Inventory on May 31
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item ER27 are as follows: August 1 Inventory 54 units @ $20 9 Sale 37 units 13 Purchase 50 units @ $23 28 Sale 26 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.
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item PK95 are January 1 Inventory 39 units @ $24 Sale 30 units 13 Purchase 41 units @ $28 28 Sale 16 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 28 and (b) the inventory on January 31. a. Cost of merchandise sold on January 28 EN b. Inventory on January 31
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 $
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: July 1 Inventory 55 units @ $23 9 Sale 43 units 13 Purchase 49 units @ $26 28 Sale 17 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 28 and (b) the inventory on July 31. a. Cost of merchandise sold on July 28 $ b. Inventory on July 31 $
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item ER27 are as follows: May 1 Inventory 58 units @ $16 9 Sale 40 units 13 Purchase 60 units @ $17 28 Sale 22 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on May 28 and (b) the inventory on May 31. a. Cost of merchandise sold on May 28 $ b. Inventory on May 31 $