Question

Concord Limited uses the FIFO cost formula in a perpetual inventory system. Fill in the missing amounts for items [1] to [18] in the following perpetual inventory schedule: (Round all answers to nearest whole dollar e.g 5,212.)

Your answer is partially correct. Try again. Concord Limited uses the FIFO cost formula in a perpetual inventory system. Fill in the missing amounts for items [1] to (18) in the following perpetual inventory schedule: (Round all answers to nearest whole dollar e.g 5,212.) Purchases Cost Cost of Goods Sold Cost Total Balance Cost Units Total Units Units Total Date Apr. 1 6 $16 $288 36 tu ta $468 (3) sita 151.513 756 18 mile 10 (8) 3 8.418 12.1234 [10] 14 (131a $14 $196 18 (14) (15) LE 11752 195 Question Attempts: 1 of 3 used

Answer 1

Correct Answer:

Perpetual FIFO
Date	Goods Purchased			Cost of Goods Sold				Inventory Balance
	# of Units	Cost Per Unit	Cost of Goods Available for sale	# of Units Sold	Cost per Unit		Cost of Goods Sold	# of Units	Cost per Unit		Inventory Balance
01-Apr								18	$          16.00		$          288.00
06-Apr	36	$               13.00	$             468.00					18	$          16.00
								36	$          13.00		$          756.00
09-Apr				18	$             16.00
				10	$             13.00		$          418.00	26	$          13.00		$          338.00
14-Apr	14	$               14.00	$             196.00					26	$          13.00
								14	$          14.00		$          534.00
				Cost of goods sold				Ending Inventory
Total				28		$          418.00		40		$          534.00

End of answer.

Please give a thumbs-up, it will be highly appreciated.

Thanks.