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Perpetual Inventory Using FIFO The following units of a particular item were available for sale during...

Perpetual Inventory Using FIFO

The following units of a particular item were available for sale during the calendar year:

Jan. 1 Inventory 4,200 units at $39
Apr. 19 Sale 2,700 units
June 30 Purchase 4,600 units at $44
Sept. 2 Sale 5,200 units
Nov. 15 Purchase 2,200 units at $46

The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column.

Schedule of Cost of Goods Sold
FIFO Method
Purchases Cost of Goods Sold Inventory
Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost
Jan. 1 $ $
Apr. 19 $ $
June 30 $ $
Sept. 2
Nov. 15
Dec. 31 Balances $ $
0 0
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Answer #1
Schedule of Cost of Goods sold
FIFO
Purchases Cost of goods sold Inventory
Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost
Jan-01 4,200 39 163,800
Apr-19 2,700 39 105,300 1,500 39 58,500
Jun-30 4,600 44 202,400 1,500 39 58,500
4,600 44 202,400
Sep-02 1,500 39 58,500
3,700 44 162,800 900 44 39,600
Nov-15 2,200 46 101,200 900 44 39,600
2,200 46 101,200
Dec-31 Balance $326,600 $140,800

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