Question

Beginning inventory, purchases, and sales data for widgets are as follo Apr. 3 $30 $27 Inventory Purchase Sale Purchase Sale 15 units @ 12 units @ 18 units 7 units 10 units $25 25 Complete the subsidiary Inventory ledger assuming the business maintains a perpetual inventory system and calculate the cost of merchandise sold and ending Inventory using FIFO. Cost of Merchandise Sold Purchases Inventory

Answer 1

Purchase Unit / lost I Total Cost Date I Unit | Cost I aty Total lost unit / Potal 1. Sol. Inventory ledger Under fifo Method. Cost of Merdandise sold Inventory. Cest I cast Apr. 3 15 $30 $ 450 Apr. 11 | 12 | $27] $324 12 | $27) $324 $774 - Apr.in 15 $30 $450 (15) $30 $(450) | 3 $27. $81 (3) / $271 $81) |$27 | $243 | Apr.21 7 $25 dias $25 $175 16 $418 2 9 $27/ $243 (9) $27 $243) i $25 $25 10 $28 $(25) $799 6 $25 $150 cost of Merchandise Sold 28 unit of $799 Ending Inventory > Gruit of $25= $150 Apr.25 28