Homework Answers
Answer:
The company records the inventory using FIFO inventory costing method.
| Date | Beginning Balance | Purchases | Sales | Ending Balance |
| Sep.1 | 10 units * $64 = $640 | - | - | 10 units * $64 = $640 |
| Sep.6 | 10 units * $64 = $640 | - | 5 units * $64 = $320 | 5 units * $64 = $320 |
| Sep.8 | 5 units * $64 = $320 | 15 units * $72 = $1,080 | - | 5 units
* $64 = $320 15 units * $72 = $1,080 |
| Sep.17 | 5 units
* $64 = $320 15 units * $72 = $1,080 |
- | 5 units *
$64 = $320 10 units * $72 = $720 |
5 units * $72 = $360 |
| Sep.30 | 5 units * $72 = $360 | - | 3 units * $72 = $216 | 2 units * $72 = $144 |
Quantity of inventory purchased = 15 units
Cost of inventory purchased = $1,080 (15 * $72)
Cost of goods sold for the month = $320 + $320 + $720 + $216 = $1,576
Cost of ending inventory = $144
$105 is sale price per unit
Sales during month = $1,576 * $105 = $165,480
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