Question

help on calulating FIFO.

2 Question Help S6-5 (similar to) son Cycles starred January with 15 bicycles that cont a ch On Jawy 15, Hadion bouge 30 beyless each on January 31 Hathon odbyes for $105 each quirements Prepare Hudson Cycle's perpetuiertory record assuming the company uses the LIFO inventory casting method Journalize the way 16 purchase of merchandise inventory on account and the Juary 31 sale of merchandise rentary on account c or d ance o aby ning the beginning invertory blancas Enter the transactions in con cache quando cost of entry purchase very layer test band QTY Quantity. To - Tea ac othe and r to One of the transactions we been t co st for hand, the the perpet the oldest ludson Cycles Purchases OTY Uw Cost Tol Cost Cost of Goods Sol OTY CouTutu OTVC Toto

Answer 1

1)		Purchases			Cost of goods sold			Inventory on Hand
	Date	Qty	Unit Cost	Total Cost	Qty	Unit Cost	Total Cost	Qty	Unit Cost	Total Cost
	Jan-01							15	$ 54.00	$ 810.00
	Jan-16	30	$ 78.00	$ 2,340.00				15	$ 54.00	$ 810.00
								30	$ 78.00	$ 2340.00
	Jan-31				25	$ 78.00	$   1,950.00	15	$ 54.00	$ 810.00
								5	$ 78.00	$ 390.00
	Total	30		2340	25		1950	20		1200