Question

Complete the grid below and calculate COGS for the week and ending inventory

FIFO printout Perpetual Inventory using FIFO - Valentines boxed candy Brendan is selling Valentines Day chocolates in heart-shaped boxes. He uses a perpetual Inventory system to record his cost data using LIFO. Complete the grid below, calculate COGS for the week and ending inventory. Sunday At the start of the period, he has 50 units in inventory which he purchased at $10 per unit. Monday He sells 20 units. He purchases 40 more units at a cost of $12 per unit (stocking up for Valentine's Day) Tuesday He sells 20 units. Wednesday He sells 15 units. He purchases 30 more units at $15 per unit. Thursday He sells 20 units Friday He buys 40 units at a price of $14 per unit. He sells 45 units. Saturday He buys 5 units at $17 per unit. FIFO Date Purchases Units Cost of Goods Sold Qty Units Tots Qty Tots Inventory Qty Unit $ 50 $10 Tot $ $500 Sunday Monday Tuesday Wednesday Thursday Friday Saturday

Answer 1

Date Purchases Qty Unit $ Total $ FIFO Method Cost of Goods Sold Qty Unit $ Total $ Sunday Monday $10 20 20 $200 $200 40 $12 $480 Ending Inventory Qty Unit $ Total $ 50 $10 $500 50 $500 30 $10 $300 30 $300 30 $10 $300 40 $12 $480 70 $780 10 $10 $100 40 $12 $480 $580 35 $12 $420 40 $480 Tuesday 20 $10 $200 20 Wednesday 10 $10 $12 $200 $100 $60 $160 5 15 35 30 $15 $450 35 $12 $15 30 30 $450 65 $0 $240 Thursday 20 $12 15 $12 $15 30 $420 $420 $450 $870 $180 $450 $630 $180 $450 $560 $1,190 $560 20 $240 45 Friday 40 $14 $560 15 30 $12 $15 $14 40 40 $560 85 15 40 $14 $12 $15 $0 $180 $450 $630 30 45 40 $0 $85 Saturday 5 $17 40 $14 $17 $560 $560 $85 $645 5 Total 120 $1,430 45

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