Question

apter 6 Quiz eBook Show Me How Calculator Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Dec. 1 Purchases Dec. 10 Dec. 20 Sales Dec. 1284 units Dec. 1472 units Dec. 3136 units 120 units at $35 60 units at $37 54 units at $39 Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of balance after each sale, presenting the data in the form ilustrated in Exhibit 3. Under FIFO, if units are in inventory at two differe 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 Unit Cost Purchases Total Cost Cost of Goods Sold Quantity Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost

Answer 1

Date	Purchases qty	Unit cost	Total cost	COGS qty	Unit cost	Total COGS	Inventory Qty	Unit cost	Total
Dec.1							120	35	4,200
Dec.10	60	37	2,220				120	35	4,200
							60	37	2,220
Dec.12				84	35	2,940	36	35	1,260
							60	37	2,220
Dec.14				36	35	1,260
				36	37	1,332	24	37	888
Dec.20	54	39	2,106				24	37	888
							54	39	2,106
Dec.31				24	37	888
				12	39	468	42	39	1,638