Question

Score: Vot 9 pts 11 of 15 (10 complete) HW Score: 62.9 * More Info follows: z Dec. 1 Beginning merchandise inventory 8 Sale 14 Purchase 12 9 units @ $ 10 each units @ $ 24 each units @ $ 15 each units @ $ 24 each 103 21 Sale 13 Inventory on Hand Unit Total Cost Cost Print Done uantity Dec. 1 Dec. 8 Dec. 14 Dec. 21 Totals Enter any number in the edit fields and then click check Answer A parts H eart Check A Pemaining

Answer 1

Date Dec-01 Dec-08 Dec-14 Purchases Cost of goods sold Inventory in hand Quantity Unit cost Total cost Quantity Unit cost Total cost Quantity Unit cost Total cost 12 10 120 10 90 10 30 14 15 210 30 15 15 60 150 | 14 210 270 10 210 Dec-21 30 Totals 22 60

Since FIFO method was followed, the sales on Dec 21 will be used first from Opening stock which was left after sales on Dec 8 (i.e, 12-9) and then balance will be from Purchase of Dec 14