DateApr. 3830May 8101928June 5162128TransactionInventoryPurchaseSaleSalePurchaseSaleSalePurchaseSaleSalePurchaseSaleNumberof Units721207236120216Per Unit$6007202,0002,0008002,0002,0008802,1002,1009602,100Total$43,200103,680192,000120,00096,000144,00072,000105,600151,200201,600207,360226,800 DateApr. 3Apr. 8Apr. 11Apr. 30May 8May 10May 19May 28June 5June 16June 21June 28Quantity144✓120 ✔120✓216 ✔PurchasesUnit Cost720 ✓800880960Total Cost103,680 ✔96,000 ✓105,600207,360FIFO MethodFor the three-months ended June 30Cost of Merchandise Sold[Quantity72 ✓ $36 ✔72 ✓96Unit Cost600 ✓720 ✔$Total Cost43,200 ✓1Quantity72 ✓ $72 ✓144✓60 ✓InventoryUnit Cost120 ✓Total Cost

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Description: DateApr. 3830May 8101928June 5162128TransactionInventoryPurchaseSaleSalePurchaseSaleSalePurchaseSaleSalePurchaseSaleNumberof Units721207236120216Per Unit$6007202,0002,0008002,0002,0008802,1002,1009602,100Total$43,200103,680192,000120,00096,000144,00

Introduction: As per FIFO method of inventory valuation, inventory which comes first in the store is…

Business

Accounting

Date Apr. 3 Apr. 8 Apr. 11 Apr. 30 May 8 May 10 May 19 May 28 June 5 June 16 June 21 June 28 Quantity 144 ✓ 120 120 ✔ 216 V Purchases Unit Cost 720 ✓ 800 ✓ 880 ✓ 960 ✔ Total Cost $ 103,680 96,000 105,600 207,360 ✓ FIFO Method For the three-months ended June 30 Cost of Merchandise Sold Quantity 72 ✔ $ 36 ✓ 72 ✓ 96 ✔ Unit Cost 600✔ $ 720 X W Total Cost 43,200 ✔ Quantity 72 ✓ 72 ✓ ✓ $ 144 ✓ 60 ✓ Inventory 120 ✔ Unit Cost Total Cost

Date Apr. 3 Apr. 8 Apr. 11 Apr. 30 May 8 May 10 May 19 May 28 June 5 June 16 June 21 June 28 Quantity 144 ✓ 120 120 ✔ 216 V Purchases Unit Cost 720 ✓ 800 ✓ 880 ✓ 960 ✔ Total Cost $ 103,680 96,000 105,600 207,360 ✓ FIFO Method For the three-months ended June 30 Cost of Merchandise Sold Quantity 72 ✔ $ 36 ✓ 72 ✓ 96 ✔ Unit Cost 600✔ $ 720 X W Total Cost 43,200 ✔ Quantity 72 ✓ 72 ✓ ✓ $ 144 ✓ 60 ✓ Inventory 120 ✔ Unit Cost Total Cost

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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