Ans. 1 | MIDNIGHT SUPPLIES | ||||||||||
Schedule of Cost of Merchandise Sold | |||||||||||
FIFO Method | |||||||||||
For the three - months ended March 31 | |||||||||||
Purchase | Cost of merchandise sold | Balance | |||||||||
Date | Quantity | Unit cost | Total cost | Quantity | Unit cost | Total cost | Quantity | Unit cost | Total cost | ||
01-Jan | 2500 | $64.00 | $160,000 | 2500 | $64.00 | $160,000 | |||||
10-Jan | 7600 | $72.00 | $547,200 | 2500 | $64.00 | $160,000 | |||||
7600 | $72.00 | $547,200 | |||||||||
28-Jan | 2500 | $64.00 | $160,000 | ||||||||
1200 | $72.00 | $86,400 | 6400 | $72.00 | $460,800 | ||||||
30-Jan | 1400 | $72.00 | $100,800 | 5000 | $72.00 | $360,000 | |||||
05-Feb | 500 | $72.00 | $36,000 | 4500 | $72.00 | $324,000 | |||||
10-Feb | 18500 | $74.00 | $1,369,000 | 4500 | $72.00 | $324,000 | |||||
18500 | $74.00 | $1,369,000 | |||||||||
16-Feb | 4500 | $72.00 | $324,000 | ||||||||
4400 | $74.00 | $325,600 | 14100 | $74.00 | $1,043,400 | ||||||
28-Feb | 8500 | $74.00 | $629,000 | 5600 | $74.00 | $414,400 | |||||
05-Mar | 15000 | $75.60 | $1,134,000 | 5600 | $74.00 | $414,400 | |||||
15000 | $75.60 | $1,134,000 | |||||||||
14-Mar | 5600 | $74.00 | $414,400 | ||||||||
4400 | $75.60 | $332,640 | 10600 | $75.60 | $801,360 | ||||||
25-Mar | 3300 | $76.00 | $250,800 | 10600 | $75.60 | $801,360 | |||||
3300 | $76.00 | $250,800 | |||||||||
30-Mar | 7650 | $75.60 | $578,340 | 2950 | $75.60 | $223,020 | |||||
3300 | $76.00 | $250,800 | |||||||||
Total | Cost of goods sold | $2,987,180 | Ending inventory | $473,820 | |||||||
*In FIFO method the units that have purchased first, are released the first one and the ending inventory | |||||||||||
units remain from the last purchases. |
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