Perpetual Inventory Using FIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $20 Apr. 19 2,500 units June 30 Purchase 6,000 units at $24 Sept. 2 Sale 4,500 units Nov. 15 Purchase 1,000 units at $25 The firm maintains a perpetual inventory system. Determine the cost of merchandise 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 Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Date Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Sale Quantity Balances Purchases Unit Cost Total Cost Schedule of Cost of Merchandise Sold FIFO Method Cost of Merchandise Sold Unit Cost Quantity $ Total Cost $ Quantity Inventory Unit Cost Total Cost

Perpetual Inventory Using FIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $20 Apr. 19 2,500 units June 30 Purchase 6,000 units at $24 Sept. 2 Sale 4,500 units Nov. 15 Purchase 1,000 units at $25 The firm maintains a perpetual inventory system. Determine the cost of merchandise 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 Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Date Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Sale Quantity Balances Purchases Unit Cost Total Cost Schedule of Cost of Merchandise Sold FIFO Method Cost of Merchandise Sold Unit Cost Quantity $ Total Cost $ Quantity Inventory Unit Cost Total Cost

Name: 2 Perpetual Inventory Using FIFOThe following units of a particular it
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Description: 2 Perpetual Inventory Using FIFOThe following units of a particular item were available for sale during the calendar year:Jan. 14,000 units at $20Apr. 192,500 unitsJune 306,000 units at $24Sept. 24,500 unitsNov. 151,000 units at $25The firm maintains

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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