Perpetual Inventory Using FIFOBeginningInventoryMay 1DateMay 1May 10May 12May 141,020 units31510 unitsAssume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enterthe units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column.May 20inventory, purchases, and sales data for prepaid cell phones for May are as follows:SalesPurchasesMay 10May 311,700 units at $22QuantityPurchased0May 31 Balances20850 units at $24765 units at $260 00 00May 1200 00 014Schedule of Cost of Merchandise SoldFIFO MethodPrepaid Cell PhonesCost ofCost ofCost ofPurchases Purchases Merchandise Merchandise MerchandiseSoldSoldSoldUnitTotalQuantity Unit Cost Total CostCostCost1,190 units88Inventory InventoryTotalCostInventoryQuantity100000000000000 000 0

Name: Perpetual Inventory Using FIFOBeginningInventoryMay 1DateMay 1May 10M
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Description: Perpetual Inventory Using FIFOBeginningInventoryMay 1DateMay 1May 10May 12May 141,020 units31510 unitsAssume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of merchandise sold

FIFO is the inventory management method. In this, the inventory which is purchased first is to be…

Business

Accounting

Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Sales Purchases May 10 May 1 20 Quantity Date Purchased May 1 May 10 May 12 May 14 1,700 units at $22 Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. May 20 May 31 0 U May 31 Balances Purchases Purchases Unit Total Cost Cost 0 0 850 units at $24 765 units at $26 Schedule of Cost of Merchandise Sold FIFO Method Prepaid Cell Phones 000 00 May 12 14 Q0000 1.190 units 1.020 units 31 510 units B Cost of Cost of Merchandise Merchandise Merchandise Sold Sold Quantity Unit Cost 11 000 000 Total Cost Im 0 ¹0 000 0 Inventory Quantity Inventory Inventory Unit Cost ¹Q Total Cost Q

Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Sales Purchases May 10 May 1 20 Quantity Date Purchased May 1 May 10 May 12 May 14 1,700 units at $22 Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. May 20 May 31 0 U May 31 Balances Purchases Purchases Unit Total Cost Cost 0 0 850 units at $24 765 units at $26 Schedule of Cost of Merchandise Sold FIFO Method Prepaid Cell Phones 000 00 May 12 14 Q0000 1.190 units 1.020 units 31 510 units B Cost of Cost of Merchandise Merchandise Merchandise Sold Sold Quantity Unit Cost 11 000 000 Total Cost Im 0 ¹0 000 0 Inventory Quantity Inventory Inventory Unit Cost ¹Q Total Cost Q

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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