Question

E5-19A (similar to) E Question Help Assume Yellow Shirt, Inc., bought and sold a line of mountain bikes during October as follows: :: (Click the icon to view the data.) Yellow Shirt, Inc., uses the perpetual inventory system. Read the requirements Requirement 1. Compute the cost of goods sold under FIFO. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) FIFO: Purchases Unit Total Qty Cost Cost Cost of goods sold Unit Total Qty Cost Cost Inventory on hand Unit Total Qty Cost Cost Date Oct 1 Enter any number in the edit fields and then click Check Answer 12 remaining 12 parts Clear All Check Answer

Answer 1

1 Cost of goods Sold under FIFO 2 Cost of goods Sold under LIFO 3|LIFO Method $ $ 4,581 4,584 Qty Purchases Unit Cost Total Cost Qty Cost of Goods Sold Unit Cost Total Cost Qty FIFO: Date Oct.1) Oct 5 Oct.121 6 $ 254 $ 1,524 Inventory on Hand Unit Cost Total Cost 9 $ 254 $ 2.286 3 $ 254 $ 762 31 $ 254 $ 762 14 $ 255 $ 3,570 10 $ 255 $ 2,550 14 $ 255 $ 3,570 Oct.21 3 $ 4 $ 5 $ 254 255 255 $ $ $ $ 762 1,020 1,275 4,581 Oct 30 5 $ 255 $ $ 1,275 1,275 Qty Purchases Unit Cost Total Cost Qty Cost of Goods Sold Unit Cost Total Cost Qty LIFO: Date Oct. 1 Oct 5 Oct.121 6 $ 254 $ 1,524 14 $ 255 $ 3,570 Inventory on Hand Unit Cost Total Cost 9 $ 254 $ 2,286 31 $ 254 $ 762 31 $ 254 $ 762 $ 255 $ 3,570 $ 254 $ 762 $ 255 $ 1,785 $ 254 $ 762 $ 255 $ 510 $ 1,272 Oct.21 71 $ 255 $ 1,785 Oct 30 5 $ 255 $ 1,275 $ 4,584