Ayayai Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations: Aug. 2 (a) Date 3 (b) 10 15 25 Explanation Units Unit Cost/Price 200 Purchases Purchases Sales Purchases Sales Cost of goods sold $ Your Answer Correct Answer (Used) Ending inventory $ 400 (250) Cost of goods sold $ 900 Ending inventory $ (310) 38,800 $50 111,200 80 Calculate the cost of goods sold and ending inventory using FIFO. 130 120 160 Total Cost Balance in Units $10,000 32,000 108,000 200 37 600 350 Calculate the cost of goods sold and ending inventory using average cost. (Round average cost per unit to 2 decimal places, e.g. 1.25 and final answers to O decimal places, e.g. 5,125.) 1,250 940
Ayayai Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations: Aug. 2 (a) Date 3 (b) 10 15 25 Explanation Units Unit Cost/Price 200 Purchases Purchases Sales Purchases Sales Cost of goods sold $ Your Answer Correct Answer (Used) Ending inventory $ 400 (250) Cost of goods sold $ 900 Ending inventory $ (310) 38,800 $50 111,200 80 Calculate the cost of goods sold and ending inventory using FIFO. 130 120 160 Total Cost Balance in Units $10,000 32,000 108,000 200 37 600 350 Calculate the cost of goods sold and ending inventory using average cost. (Round average cost per unit to 2 decimal places, e.g. 1.25 and final answers to O decimal places, e.g. 5,125.) 1,250 940
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
A-6
Transcribed Image Text:Ayayai Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations:
Aug. 2
(a)
Date
3
(b)
10
15
25
Your Answer
Explanation Units Unit Cost/Price
Purchases
Purchases
Sales
Purchases
Sales
Cost of goods sold $
Ending inventory $
200
400
Cost of goods sold $
Ending inventory
(250)
Correct Answer (Used)
900
(310)
38,800
$50
111,200
80
130
Calculate the cost of goods sold and ending inventory using FIFO.
120
160
Total Cost
$10,000
32,000
108,000
Balance in Units
37
200
600
350
Calculate the cost of goods sold and ending inventory using average cost. (Round average cost per unit to 2 decimal places, e.g. 1.25
and final answers to O decimal places, e.g. 5,125.)
1,250
940
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