Activities Beginning inventory Date August 1 August 5 August 10 August 15 August 25 Purchase Sale Purchase. Sale Use the above information to calculate ending inventory using FIFO for a company that uses a perpetual inventory system. August 1 Date August 5 Total August 5 August 10 August 15 Total August 15 August 25 Total August 25 Units Acquired at Cost Units Sold at Retail 260 units $10-$2,600 200 units @ $12 = $2,400 230 units @ $13 - $2,990 Goods purchased Number of Cost per units unit Number of units sold Cost of Goods Sold Cost per unit Cost of Goods Sold 220 units sold 210 units sold Number of units Inventory Balance Cost per unit Inventory Balance

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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August 1 Date August 1 August 5 August 10 August 15 August 25 Activities Beginning inventory Purchase Sale Purchase Sale 220 units sold 210 units sold Use the above information to calculate ending inventory using FIFO for a company that uses a perpetual inventory system. August 5 Date Total August 5 August 10 August 15 Total August 15 August 25 Total August 25 Units Acquired at Cost 260 units @ $10 = $2,600 200 units @ $12= $2,400 230 units @ $13= $2,990. Goods purchased Number of Cost per units unit Number of units sold Units Sold at Retail Cost of Goods Sold Cost per unit Cost of Goods Sold Number of units Inventory Balance Cost per unit Inventory Balance

 

August 1
Date
August 1
August 5
August 10
August 15
August 25
Use the above information to calculate ending inventory using FIFO for a company that uses a perpetual inventory system.
Date
August 5
Total August 5
August 10
August 15.
Total August 15
August 25
Activities
Beginning inventory
Purchase
Sale
Purchase.
Sale.
Total August 25
Units Acquired at Cost Units Sold at Retail
260 units $10-$2,600
200 units @ $12 = $2,400
230 units @ $13 - $2,990
Goods purchased
Number of Cost per
units
unit
Number
of units
sold
Cost of Goods Sold
Cost per
unit
Cost of Goods
Sold
220 units sold
210 units sold
Number of
units
Inventory Balance
Cost per unit Inventory Balance
Transcribed Image Text:August 1 Date August 1 August 5 August 10 August 15 August 25 Use the above information to calculate ending inventory using FIFO for a company that uses a perpetual inventory system. Date August 5 Total August 5 August 10 August 15. Total August 15 August 25 Activities Beginning inventory Purchase Sale Purchase. Sale. Total August 25 Units Acquired at Cost Units Sold at Retail 260 units $10-$2,600 200 units @ $12 = $2,400 230 units @ $13 - $2,990 Goods purchased Number of Cost per units unit Number of units sold Cost of Goods Sold Cost per unit Cost of Goods Sold 220 units sold 210 units sold Number of units Inventory Balance Cost per unit Inventory Balance
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