Jan. 1 Inventory 9,000 $60.00 $540,000 Jan. 10 Purchase 21,000 70.00 1,470,000 Jan. 28 Sale 10,250 Jan. 30 Sale 5,750 140.00 1,435,000 140.00 805,000 Feb. 5 Sale 3,500 140.00 490,000 Feb. 10 Purchase 39,500 75.00 2,962,500 Feb. 16 Sale 15,000 150.00 2,250,000 Feb. 28 Sale 10,000 150.00 1,500,000 Mar. 5 Purchase 25,000 82.00 2,050,000 Mar. 14 Sale 30,000 150.00 4,500,000 Mar. 25 Purchase Mar. 30 Sale 10,000 19,000 88.40 150.00 884,000 2,850,000 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Round unit cost to two decimal places, if necessary. Cost of Cost of Cost of Purchases Date Quantity Jan. 1 Jan. 10 21,000 ✔ Jan. 28 Jan. 30 Purchases Purchases Unit Cost Total Cost 1,470,000 ✔ Goods Sold Goods Sold Goods Sold Unit Cost Total Cost Inventory Quantity Inventory Inventory Quantity Unit Cost Total Cost 9,000 9,000 ✔ 60 ✓ 21,000 10,250 70 717,500 9,000 ✔ 19,750 X 70 ✓ 402,500 9,000 ✔ 、 * ༨ ༨ ༨ * ✓ 540,000 540,000✔ 70 ✓ 1,470,000 60 540,000 ✓ 1,292,500 X 60 ✓ 540,000 Feb. 5 Feb. 10 39,500 ✔ 75 2,962,500 Feb. 16 Feb. 28 Mar. 5 Mar. 14 25,000 ✔ 82 2,050,000 Mar. 25 10,000 ✔ 88.40 884,000 15,000 ✓ ✓ 245,000 ✓ 9,000 1,125,000 ✓ 540,000 60 ✓ 540,000 540,000 10,000 75 ✓ 750,000 60 540,000 540,000 30,000 X 82 2,385,000 x 60 540,000 3,000 X 82 X 2,385,000 X 540,000
Jan. 1 Inventory 9,000 $60.00 $540,000 Jan. 10 Purchase 21,000 70.00 1,470,000 Jan. 28 Sale 10,250 Jan. 30 Sale 5,750 140.00 1,435,000 140.00 805,000 Feb. 5 Sale 3,500 140.00 490,000 Feb. 10 Purchase 39,500 75.00 2,962,500 Feb. 16 Sale 15,000 150.00 2,250,000 Feb. 28 Sale 10,000 150.00 1,500,000 Mar. 5 Purchase 25,000 82.00 2,050,000 Mar. 14 Sale 30,000 150.00 4,500,000 Mar. 25 Purchase Mar. 30 Sale 10,000 19,000 88.40 150.00 884,000 2,850,000 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Round unit cost to two decimal places, if necessary. Cost of Cost of Cost of Purchases Date Quantity Jan. 1 Jan. 10 21,000 ✔ Jan. 28 Jan. 30 Purchases Purchases Unit Cost Total Cost 1,470,000 ✔ Goods Sold Goods Sold Goods Sold Unit Cost Total Cost Inventory Quantity Inventory Inventory Quantity Unit Cost Total Cost 9,000 9,000 ✔ 60 ✓ 21,000 10,250 70 717,500 9,000 ✔ 19,750 X 70 ✓ 402,500 9,000 ✔ 、 * ༨ ༨ ༨ * ✓ 540,000 540,000✔ 70 ✓ 1,470,000 60 540,000 ✓ 1,292,500 X 60 ✓ 540,000 Feb. 5 Feb. 10 39,500 ✔ 75 2,962,500 Feb. 16 Feb. 28 Mar. 5 Mar. 14 25,000 ✔ 82 2,050,000 Mar. 25 10,000 ✔ 88.40 884,000 15,000 ✓ ✓ 245,000 ✓ 9,000 1,125,000 ✓ 540,000 60 ✓ 540,000 540,000 10,000 75 ✓ 750,000 60 540,000 540,000 30,000 X 82 2,385,000 x 60 540,000 3,000 X 82 X 2,385,000 X 540,000
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Inventories
Section: Chapter Questions
Problem 6.2BE: Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as...
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Transcribed Image Text:Jan. 1 Inventory
9,000
$60.00 $540,000
Jan. 10 Purchase
21,000
70.00 1,470,000
Jan. 28 Sale
10,250
Jan. 30 Sale
5,750
140.00 1,435,000
140.00
805,000
Feb. 5 Sale
3,500
140.00
490,000
Feb. 10 Purchase
39,500
75.00 2,962,500
Feb. 16 Sale
15,000
150.00 2,250,000
Feb. 28 Sale
10,000
150.00 1,500,000
Mar. 5 Purchase
25,000
82.00 2,050,000
Mar. 14 Sale
30,000 150.00 4,500,000
Mar. 25 Purchase
Mar. 30 Sale
10,000
19,000
88.40
150.00
884,000
2,850,000
Required:
1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Round unit cost to two decimal places, if necessary.
Cost of
Cost of
Cost of
Purchases
Date
Quantity
Jan. 1
Jan. 10
21,000 ✔
Jan. 28
Jan. 30
Purchases
Purchases
Unit Cost
Total Cost
1,470,000 ✔
Goods Sold
Goods Sold
Goods Sold
Unit Cost
Total Cost
Inventory
Quantity
Inventory
Inventory
Quantity
Unit Cost
Total Cost
9,000
9,000 ✔
60 ✓
21,000
10,250
70
717,500
9,000 ✔
19,750 X
70
✓
402,500
9,000 ✔
、 * ༨ ༨ ༨ *
✓
540,000
540,000✔
70 ✓
1,470,000
60
540,000
✓
1,292,500 X
60
✓
540,000
Feb. 5
Feb. 10
39,500 ✔
75
2,962,500
Feb. 16
Feb. 28
Mar. 5
Mar. 14
25,000 ✔
82
2,050,000
Mar. 25
10,000 ✔
88.40
884,000
15,000
✓
✓
245,000
✓
9,000
1,125,000
✓
540,000
60
✓
540,000
540,000
10,000
75
✓
750,000
60
540,000
540,000
30,000 X
82
2,385,000 x
60
540,000
3,000 X
82 X
2,385,000 X
540,000
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