Question

5. Complete the FIFO Inventory Calculation Date Unit Cost Sales Price $8 Item Beginning Inventory Purchase Sale Purchase Sale 1 10 15 21 30 Quantity 50 units 60 units 70 units 110 units 120 units $11 $12 FIFO Calculation Purchases COGS Inventory on Hand Total Cost Date Quantity Unit Cost Total Cost Quantity | Unit Cost Quantity Unit Cost Total Cost

Answer 1

Question 5 Perpetual System FIFO Method Date Quantity Jul-01 Purchases unit cost Cost of goods sold Quantity unit cost Total cost Total cost Inventory Quantity unit cost total cost 50 $ 8.00 $ 400.00 Jul-10 60 $ 11.00 $ 660.00 50 $ 8.00 60 $11.00 $ 400.00 $ 660.00 Jul-15 40 $11.00 $ 440.00 50 $ 8.00 20 $11.00 $ $ 400.00 220.00 Jul-21 110 $ 12.00 $1,320.00 40 $11.00 110 $12.00 $ 440.00 $1,320.00 Jul-30 30 $12.00 $ 360.00 40 $11.00 80 $12.00 $ $ 440.00 960.00 170 $ 1,980.00 190 $ 2,020.00 30 $ 360.00 Question 6 Income Statement Month Ended July 31 2012 $ 4,920.00 Sales Revenue Cost of goods sold : Beginning Inventory net Purchases Cost of goods available Ending Inventory Cost of goods sold Gross profit Operating expenses Operating Income $ 400.00 $ 1,980.00 $2,380.00 $ (360.00) $ 2,020.00 $ 2,900.00 $ 500.00 $ 2,400.00