nventory 79 units @ $97 10 Sale 54 units 15 Purchase 32 units @ $102 20 Sale 30 units 24 Sale 14 units 30 Purchase 27 units @ $106 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Question Content Area a. Determine the cost of the merchan
nventory 79 units @ $97 10 Sale 54 units 15 Purchase 32 units @ $102 20 Sale 30 units 24 Sale 14 units 30 Purchase 27 units @ $106 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Question Content Area a. Determine the cost of the merchan
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 3E: Beginning inventory, purchases, and sales data for portable game players are as follows: The...
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Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales data for portable game players are as follows:
Apr. 1 | Inventory | 79 units @ $97 | |
10 | Sale | 54 units | |
15 | Purchase | 32 units @ $102 | |
20 | Sale | 30 units | |
24 | Sale | 14 units | |
30 | Purchase | 27 units @ $106 |
The business maintains a perpetual inventory system, costing by the first-in, first-out method.
Question Content Area
a. Determine the cost of the 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.
Date |
Quantity Purchased |
Purchases Unit Cost |
Purchases Total Cost |
Quantity Cost of Merchandise Sold |
Cost of Merchandise Sold Unit Cost |
Cost of Merchandise Sold Total Cost |
Inventory Quantity |
Inventory Unit Cost |
Inventory Total Cost |
Apr. 1 | fill in the blank 2dd2e0f6a021f91_1 | $fill in the blank 2dd2e0f6a021f91_2 | $fill in the blank 2dd2e0f6a021f91_3 | ||||||
Apr. 10 | fill in the blank 2dd2e0f6a021f91_4 | $fill in the blank 2dd2e0f6a021f91_5 | $fill in the blank 2dd2e0f6a021f91_6 | fill in the blank 2dd2e0f6a021f91_7 | fill in the blank 2dd2e0f6a021f91_8 | fill in the blank 2dd2e0f6a021f91_9 | |||
Apr. 15 | fill in the blank 2dd2e0f6a021f91_10 | $fill in the blank 2dd2e0f6a021f91_11 | $fill in the blank 2dd2e0f6a021f91_12 | fill in the blank 2dd2e0f6a021f91_13 | fill in the blank 2dd2e0f6a021f91_14 | fill in the blank 2dd2e0f6a021f91_15 | |||
fill in the blank 2dd2e0f6a021f91_16 | fill in the blank 2dd2e0f6a021f91_17 | fill in the blank 2dd2e0f6a021f91_18 | |||||||
Apr. 20 | fill in the blank 2dd2e0f6a021f91_19 | fill in the blank 2dd2e0f6a021f91_20 | fill in the blank 2dd2e0f6a021f91_21 | fill in the blank 2dd2e0f6a021f91_22 | fill in the blank 2dd2e0f6a021f91_23 | fill in the blank 2dd2e0f6a021f91_24 | |||
fill in the blank 2dd2e0f6a021f91_25 | fill in the blank 2dd2e0f6a021f91_26 | fill in the blank 2dd2e0f6a021f91_27 | |||||||
Apr. 24 | fill in the blank 2dd2e0f6a021f91_28 | fill in the blank 2dd2e0f6a021f91_29 | fill in the blank 2dd2e0f6a021f91_30 | fill in the blank 2dd2e0f6a021f91_31 | fill in the blank 2dd2e0f6a021f91_32 | fill in the blank 2dd2e0f6a021f91_33 | |||
Apr. 30 | fill in the blank 2dd2e0f6a021f91_34 | fill in the blank 2dd2e0f6a021f91_35 | fill in the blank 2dd2e0f6a021f91_36 | fill in the blank 2dd2e0f6a021f91_37 | fill in the blank 2dd2e0f6a021f91_38 | fill in the blank 2dd2e0f6a021f91_39 | |||
fill in the blank 2dd2e0f6a021f91_40 | fill in the blank 2dd2e0f6a021f91_41 | fill in the blank 2dd2e0f6a021f91_42 | |||||||
Apr. 30 | Balances | $fill in the blank 2dd2e0f6a021f91_43 | $fill in the blank 2dd2e0f6a021f91_44 |
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