Question

Algebra GIPLE ASCOLI First-in, First-out Method Portable Game Players Purchases Unit Cost Quantity Cost of Merchandise Sold Purchases Total Cost Quantity Purchased Cost of Cost of Merchandise Merchandise Sold Sold Unit Cost Total Cost Date Inventory Quantity 180 ✓ Inventory Unit Cost 40 ✓ Inventory Total Cost 7.200 Apr. 1 Apr. 10 140 ✓ 40 5,600 40 ✓ 40 ✓ UUU 1.600 Apr. 15 210 ✓ 42 8,820 ✓ 40 ✓ 40 ✓ 1,600 210 ✓ 42 ✓ 8,820 ✓ Apr. 20 407 40 х 1.600 . ✓ 42 130 ✓ 42 ✓ 5,460 ✓ Apr. 24 60 +2 ✓ → 2.520 20 ✓ 42 ✓ 840 Apr. 30 240 46 ✓ 11.040 ✓ 20 ✓ 42 ✓ 840 240 ✓ 46 11.040 15.180 Apr. 30 Balances ✓ $ 11,880 ✓ Feedback Check My Work Note that this exercise uses the perpetual inventory system. FIFO means that the first units purchased are assumed to be the first to be sold. Therefore, ending inventory is made up of the Next Check My Work

I need help on the two blanks that I'm missing.

Answer 1

Solution

The calculation will be made as follows,

Date	Quantity Purchased	Purchases unit cost	Purchases total cost	Quantity Cost of Merchandise Sold	Cost of Merchandise sold unit cost	Cost of Merchandise Sold Total Cost	Inventory Quantity	Inventory Unit Cost	Inventory Total Cost
Apr. 1							180	$       40.00	$    7,200.00
Apr. 10				140	$             40.00	$      5,600.00	40	$       40.00	$    1,600.00
Apr. 15	210	$      42.00	$    8,820.00				40	$       40.00	$    1,600.00
							210	$       42.00	$    8,820.00
Apr. 20				40	$             40.00	$      1,600.00
				130	$             42.00	$      5,460.00	80	$       42.00	$    3,360.00
Apr. 24				60	$             42.00	$      2,520.00	20	$       42.00	$        840.00
Apr. 30	240	$      46.00	$ 11,040.00				20	$       42.00	$        840.00
							240	$       46.00	$ 11,040.00
Apr. 30	BALANCES	$    15,180.00			$ 11,880.00