I was hoping you could show the steps?
FIFO | ||||||||||||
Purchase | Sale | CLOSING INVENTORY | ||||||||||
Date | Description | Quantity | Rate | Amount | Quantity | Rate | Cost of goodssold | Quantity | Rate | Amount | ||
Jan.1 | Beginning Inventory | 700 | $50 | $35,000 | ||||||||
Feb.10 | Purchase | 350 | $44 | $15,400 | 700 | $50 | $35,000 | |||||
350 | $44 | $15,400 | ||||||||||
March.13 | Purchase | 150 | $32 | $4,800 | 700 | $50 | $35,000 | |||||
350 | $44 | $15,400 | ||||||||||
150 | $32 | $4,800 | ||||||||||
March.15 | Sales | 700 | $50 | $35,000 | 345 | $44 | $15,180 | |||||
5 | $44 | $220 | 150 | $32 | $4,800 | |||||||
Aug.21 | Purchase | 190 | $55 | $10,450 | 345 | $44 | $15,180 | |||||
150 | $32 | $4,800 | ||||||||||
190 | $55 | $10,450 | ||||||||||
Sep.5 | Purchase | 540 | $51 | $27,540 | 345 | $44 | $15,180 | |||||
150 | $32 | $4,800 | ||||||||||
190 | $55 | $10,450 | ||||||||||
540 | $51 | $27,540 | ||||||||||
Sep.10 | Sales | 345 | $44 | $15,180 | ||||||||
150 | $32 | $4,800 | ||||||||||
190 | $55 | $10,450 | ||||||||||
45 | $51 | $2,295 | 495 | $51 | $25,245 | |||||||
TOTAL | 1230 | $58,190 | 1435 | $67,945 | ||||||||
Number of units in Ending Inventory | 495 | |||||||||||
Cost assigned to ending Inventory | $25,245 | |||||||||||
Sales Price | $114,800 | (1435*80) | ||||||||||
Cost of goods sold | $67,945 | |||||||||||
Gross Profit | $46,855 | |||||||||||
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I was hoping you could show the steps? Montoure Company uses a perpetual inventory system. It...
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Units Sold at Retail Units Acquired at Cost 700 units @ $50 per unit 350 units @ $44 per unit 150 units @ $32 per unit Date Activities Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 705 units @ $80 per unit 190 units @ $55 per unit...
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 600 units @ $35 per unit Feb. 10 Purchase 300 units @ $32 per unit Mar. 13 Purchase 150 units @ $20 per unit Mar. 15 Sales 725 units @ $80 per unit Aug. 21 Purchase 190 units @ $40 per unit Sept. 5 Purchase 540 units @ $37...
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year 2015 purchases and sales transactions. Units Sold at Retail Date Activities Jan. 1 Beginning inventory Feb. 10 Purchase Units Acquired at Cost 540 units @ $55,00 per unit 460 units @ $53 per unit 100 units @ $40 pe Mar. 13 Purchase unit Mar. 15 Sales 745 units @ $80 per unit 170 units @ $ 61 per unit Aug. 21 Purchase Sept. 5 Purchase Sept. 10...
Montoure Company uses a perpetual Inventory system. It entered into the following calendar-year purchases and sales transactions Units sold at Retail Unite Aequired at Cost 680 units 540 per unit 320 units @ $35 per unit 100 units $23 per unit Date Activities Jan. Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 720 unitse $75 per unit 130 units 490 units $45 per unit $41 per unit...
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 600 units $40 per unit Feb. 10 Purchase 400 units@ $37 per unit Mar. 13 Purchase 190 units@ $15 per unit Mar. 15 Sales 805 units@ $70 per unit Aug. 21 Purchase 190 units @ $45 per unit Sept. 5 Purchase 550 units @ $43 per unit Sept. 10...
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 540 units @ $40 per unit Feb. 10 Purchase 320 units @ $36 per unit Mar. 13 Purchase 100 units @ $24 per unit Mar. 15 Sales 650 units @ $85 per unit Aug. 21 Purchase 120 units @ $45 per unit Sept. 5 Purchase 520 units @ $41 per unit Sept....
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Units Sold at Retail Units Required at Cost 620 units $45 per unit 380 units $42 per unit 100 units $30 per unit Date Activities Jan. 1 Beginning inventory Peb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totale 735 units $70 per unit 170 units 400 units $50 per unit 346 per unit...
Montoure Company uses a perpetual inventory system. It entered into the following calendar year purchases and sales transactions Units Acquired at Cost Units Sold at Retail 660 units @ $35 per unit 330 units@ $32 per unit 110 units @ $20 per unit Date Activities Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 760 units @ $75 per unit 180 units @ $40 per unit...
Chapter 05 Homeworki Saved 18 Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Activities Units Acquired at Cost 660 units $60 per unit 330 units $57 per unit 110 units $45 per unit Units Sold at Retail Date 1 Beginning inventory Jan 1 Feb. 10 Purchase polnts Mar 13 Purchase 715 units@$70 per unit Mar. 15 Sales 160 units $65 per unit 570 units@$61 per unit Aug. 21 Purchase Sept. Sept....
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 660 units @ $60 per unit Feb. 10 Purchase 330 units @ $57 per unit Mar. 13 Purchase 110 units @ $45 per unit Mar. 15 Sales 715 units @ $70 per unit Aug. 21 Purchase 160 units @ $65 per unit Sept. 5 Purchase 570 units @ $61...