Date August 1 August 5 August 10 August 15 August 25 Activities Beginning inventory 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 Goods purchased Number of Cost per units unit Units Acquired at Cost 130 units@ $10 = $1,300 70 units @ $12 = $840 100 units @ $13 = $1,300 Units Sold at Retail Number of units sold Cost of Goods Sold Cost per Cost of Goods unit Sold 90 units sold 80 units sold Number of units Inventory Balance Cost per unit Inventory Balance
Date August 1 August 5 August 10 August 15 August 25 Activities Beginning inventory 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 Goods purchased Number of Cost per units unit Units Acquired at Cost 130 units@ $10 = $1,300 70 units @ $12 = $840 100 units @ $13 = $1,300 Units Sold at Retail Number of units sold Cost of Goods Sold Cost per Cost of Goods unit Sold 90 units sold 80 units sold Number of units Inventory Balance Cost per unit Inventory Balance
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
130 units @ $10 = $1,300
70 units@ $12 = $840
100 units @ $13 = $1,300
Units Sold at Retail
Goods purchased
Cost of Goods Sold
Number
Number of Cost per of units Cost per Cost of Goods
units
unit
unit
Sold
sold
90 units sold
80 units sold
Number of
units
Inventory Balance
Cost per unit Inventory Balance
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