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Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item ER27 are as follows: August...

Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales for Item ER27 are as follows:

August 1 Inventory 54 units @ $20
9 Sale 37 units
13 Purchase 50 units @ $23
28 Sale 26 units

Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on August 28 and (b) the inventory on August 31.

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Answer #1

Perpetual: FIFO (First In First Out Goods Purchasd Cost of Goods Sold Inventory Balance #of Cost Ending # of Units | Cost Per | Units Unit | Cost Per Cost of Goods Sold Per soldUnit | # of Units | Unit Inventory 1080 340 340 1150 1490 Date Aug-01 Aug-09 54 20.00 17 20.00 17 50 67 37 20 740 Aug 1 50 2300 20x 23 17 9 26 20.00 23.00 340 41 23.00 943 207 547 547 Ending Inventory 41 23.00 943 943 Cost of Goods sold on August -28 Answer : FIFO (Perpetual) Cost of Goods Sold on August 28 Ending Inventory 547 (or) 1287 943 Note: I Provide the Answers with cost of goods sold on August 28 and As on Aug 28, Please Take the Answer

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