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Perpetual Inventory Using FIFO Jan. 1 Apr. 19 Inventory Sale The following units of a particular item were available for sale during the calendar year: 4,100 units at $40 2,400 units June 30 Sept. 2 Purchase 4,700 units at $45 Sale 5,000 units Nov. 15 Purchase 2,200 units at $47 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present 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 Goods Sold Unit Cost column and in the Inventory Unit Cost column. Schedule of Cost of Goods Sold FIFO Method Date Quantity Purchases Unit Cost Total Cost Quantity Jan. 1 Apr. 19 June 30 4,700 45 211,500 Sept. 2 Nov. 15 2,200 47 103,400 Dec. 31 Balances Cost of Goods Sold Unit Cost Total Cost Quantity Inventory Unit Cost Total Cost 4,100 ✓ 40 ✓ 164,000 2,400 40 ✓ 96,000 1,700 40 ✓ 68,000 1,700 40 ✓ 68,000 4,700 45 ✓ 211,500 ✓ 1,700 40 ✓ 68,000 45 45 ✓ 45 ✓ 2,200 47 ✓ 103,400 ✓

Perpetual Inventory Using FIFO Jan. 1 Apr. 19 Inventory Sale The following units of a particular item were available for sale during the calendar year: 4,100 units at $40 2,400 units June 30 Sept. 2 Purchase 4,700 units at $45 Sale 5,000 units Nov. 15 Purchase 2,200 units at $47 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present 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 Goods Sold Unit Cost column and in the Inventory Unit Cost column. Schedule of Cost of Goods Sold FIFO Method Date Quantity Purchases Unit Cost Total Cost Quantity Jan. 1 Apr. 19 June 30 4,700 45 211,500 Sept. 2 Nov. 15 2,200 47 103,400 Dec. 31 Balances Cost of Goods Sold Unit Cost Total Cost Quantity Inventory Unit Cost Total Cost 4,100 ✓ 40 ✓ 164,000 2,400 40 ✓ 96,000 1,700 40 ✓ 68,000 1,700 40 ✓ 68,000 4,700 45 ✓ 211,500 ✓ 1,700 40 ✓ 68,000 45 45 ✓ 45 ✓ 2,200 47 ✓ 103,400 ✓

FINANCIAL ACCOUNTING
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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am. 116.

Perpetual Inventory Using FIFO Jan. 1 Apr. 19 Inventory Sale The following units of a particular item were available for sale during the calendar year: 4,100 units at $40 2,400 units June 30 Sept. 2 Purchase 4,700 units at $45 Sale 5,000 units Nov. 15 Purchase 2,200 units at $47 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present 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 Goods Sold Unit Cost column and in the Inventory Unit Cost column. Schedule of Cost of Goods Sold FIFO Method Date Quantity Purchases Unit Cost Total Cost Quantity Jan. 1 Apr. 19 June 30 4,700 45 211,500 Sept. 2 Nov. 15 2,200 47 103,400 Dec. 31 Balances Cost of Goods Sold Unit Cost Total Cost Quantity Inventory Unit Cost Total Cost 4,100 ✓ 40 ✓ 164,000 2,400 40 ✓ 96,000 1,700 40 ✓ 68,000 1,700 40 ✓ 68,000 4,700 45 ✓ 211,500 ✓ 1,700 40 ✓ 68,000 45 45 ✓ 45 ✓ 2,200 47 ✓ 103,400 ✓
Transcribed Image Text:Perpetual Inventory Using FIFO Jan. 1 Apr. 19 Inventory Sale The following units of a particular item were available for sale during the calendar year: 4,100 units at $40 2,400 units June 30 Sept. 2 Purchase 4,700 units at $45 Sale 5,000 units Nov. 15 Purchase 2,200 units at $47 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present 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 Goods Sold Unit Cost column and in the Inventory Unit Cost column. Schedule of Cost of Goods Sold FIFO Method Date Quantity Purchases Unit Cost Total Cost Quantity Jan. 1 Apr. 19 June 30 4,700 45 211,500 Sept. 2 Nov. 15 2,200 47 103,400 Dec. 31 Balances Cost of Goods Sold Unit Cost Total Cost Quantity Inventory Unit Cost Total Cost 4,100 ✓ 40 ✓ 164,000 2,400 40 ✓ 96,000 1,700 40 ✓ 68,000 1,700 40 ✓ 68,000 4,700 45 ✓ 211,500 ✓ 1,700 40 ✓ 68,000 45 45 ✓ 45 ✓ 2,200 47 ✓ 103,400 ✓
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