FIFO and Moving Weighted Average Trout Company used a perpetual inventory sytstem and made purchases and sales of a particular product in 2020 as follows: 01-Jan Beginning Inventory 120 units @ $ 6.00 10-Jan Sold 70 units @ $ 15.00 07-Mar Purchased 250 units @ $ 5.60 15-Mar Sold 125 units @ $ 15.00 28-Jul Purchased 500 units @ $ 5.00 03-Oct Purchased 450 units @ $ 4.60 05-Oct Sold 600 units @ $ 15.00 Required Calculate the ending inventory and the cost of goods sold using FIFO and Moving Weighted Average FIFO Purchased Cost of Sales Ending Inventory Date Qty Price Total Qty Cost Total Qty Cost Total Moving Weighted Average Purchased Cost of Sales Ending Inventory Date Qty Price Total Qty Cost Total Qty Cost Total

FIFO and Moving Weighted Average Trout Company used a perpetual inventory sytstem and made purchases and sales of a particular product in 2020 as follows: 01-Jan Beginning Inventory 120 units @ $ 6.00 10-Jan Sold 70 units @ $ 15.00 07-Mar Purchased 250 units @ $ 5.60 15-Mar Sold 125 units @ $ 15.00 28-Jul Purchased 500 units @ $ 5.00 03-Oct Purchased 450 units @ $ 4.60 05-Oct Sold 600 units @ $ 15.00 Required Calculate the ending inventory and the cost of goods sold using FIFO and Moving Weighted Average FIFO Purchased Cost of Sales Ending Inventory Date Qty Price Total Qty Cost Total Qty Cost Total Moving Weighted Average Purchased Cost of Sales Ending Inventory Date Qty Price Total Qty Cost Total Qty Cost Total

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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FIFO and Moving Weighted Average

Trout Company used a perpetual inventory sytstem and made purchases and sales of a particular product in 2020 as follows:

01-Jan	Beginning Inventory		120 units	@	$ 6.00
10-Jan	Sold			70 units	@	$ 15.00
07-Mar	Purchased			250 units	@	$ 5.60
15-Mar	Sold			125 units	@	$ 15.00
28-Jul	Purchased			500 units	@	$ 5.00
03-Oct	Purchased			450 units	@	$ 4.60
05-Oct	Sold			600 units	@	$ 15.00


Required
Calculate the ending inventory and the cost of goods sold using FIFO and Moving Weighted Average

FIFO
	Purchased	Cost of Sales	Ending Inventory
Date	Qty	Price	Total	Qty	Cost	Total	Qty	Cost	Total























Moving Weighted Average
	Purchased	Cost of Sales	Ending Inventory
Date	Qty	Price	Total	Qty	Cost	Total	Qty	Cost	Total

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