Question

The periodic inventory records of Synthetix Prosthetics indicate the following for the month of July (Click the icon to view the inventory records.) At July 31, Synthetix counts five units of inventory on hand. Compute ending merchandise inventory and cost of goods sold for Synthetix using the FIFO inventory costing method. FIFO Cost Data Table Ending Merchandise Inventory Cost of Goods Sold Jul 1 Beginning merchandise inventory 8 units S 45 each 10 units 8 Purchase S 54 each 13 units S 55 each 15 Purchase 26 Purchase 15 units S 61 each Print Done

Answer 1

	FIFO
Ending Inventory	$           305
Cost of Goods Sold	$        2,225

Working

	Units	Cost per unit	value
Beginning Balance	8	$             45.00	$           360.00
Purchases
08-Jul	10	$             54.00	$           540.00
15-Jul	13	$             55.00	$           715.00
26-Jul	15	$             61.00	$           915.00
	46		$       2,530.00

FIFO
Total Units Avalable for sale		46
Units Sold		41
Closing Stock in Units		5
Valuation
Ending Inventory	5	@	$             61.00	$            305.00
Value Of Ending Inventory				$            305.00
Cost of Goods sold	(2530-305)			$              2,225