Question

Exercise 5-7 Perpetual Inventory costing methods FIFO and LIFO Pue Henning Co reported the following current year p hases and sales for its only product Units Sold at Retail 150 units Date Activities Units Acquired at Coat In Beginning inventory200 units SIOS 2.000 la 10 Sales Mar 1 Purchase 350 un 515 5.250 Mar is Sales July 0 Pundide 150 unts $20 = 9.000 Oct Oct 26 Purchase um $25 .900 1.100 $18.750 300 540 430 units $40 80 din Required Henningses a perpetual entory system Denemuine the costs a nd to ending investory and to cost of soods sold using FIFO and (LIFO. Compute the gross margin for each method. (Round amounts to cents. Check Ending investory LIFO 54150 FIFO Date Goods Purchased CGS Inventory Balance (EI) FIFO Gross Margin (Gross Profit)

fifo method using the chart ?

Answer 1

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Date Jan-01 Quantity 200 Purchases Unit Cost Total Cost 1 0 2000 Cost of Goods Sold Inventory on Hand Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 200 10 2000 Jan-10 150 10150050 10500 Mar-14 350 15 5250 10 500 350 15 5250 Mar-15 50 250 10 15 500 3750 100 15 1500 Jul-30 450 20 9000 100 450 1500 9000 20 Oct-05 100 330 15 20 1500 6600 120 20 2400 Oct-26 100 25 2500 120 100 20 25 2400 2500 Totals 1100 18750 880 13850 220 4900