**Perez Company Inventory Analysis**For the year ending December 31, Perez Company reported the following inventory data:| Description | Units | Unit Cost ||-----------------------|-------|-----------|| Beginning Inventory | 360 | $34 || **Purchase: April 6** | 290 | $35 || **Sale: May 4** | 380 | || **Purchase: July 19** | 590 | $39 || **Sale: September 9** | 450 | || **Purchase: October 10** | 140 | $45 |Perez Company utilizes the perpetual inventory system in conjunction with the FIFO (First-In, First-Out) method.**Tasks:**Using the FIFO method, complete the following:(a) Compute the **cost of ending inventory**.(b) Compute the **cost of goods sold** for the year.Boxes are provided for entering the calculated values of the cost of ending inventory and cost of goods sold.References:- [Perpetual Inventory System](#)- [FIFO Method](#) ---**Notes:** - Ensure the calculations accurately reflect the FIFO principle, where the oldest available inventory costs are used up first for the sales.- The ending inventory consists of the most recently purchased items.

FIFO: FIFO stands for First in First out which means first received inventory to be sold first.

Perez Company had the following information for the year ending December 31: Units Unit Cost Beginning inventory. 360 $34 Purchase: April 6 290 35 Sale: May 4 380 Purchase: July 19 590 39 Sale: September 9 450 Purchase: October 10 140 45 Perez uses the perpetual inventory system and the FIFO method. Required: Using FIFO (a) Compute the cost of ending inventory. (b) Compute the cost of goods sold for the year.

Perez Company had the following information for the year ending December 31: Units Unit Cost Beginning inventory. 360 $34 Purchase: April 6 290 35 Sale: May 4 380 Purchase: July 19 590 39 Sale: September 9 450 Purchase: October 10 140 45 Perez uses the perpetual inventory system and the FIFO method. Required: Using FIFO (a) Compute the cost of ending inventory. (b) Compute the cost of goods sold for the year.

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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