Perpetual Inventory Using FIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,200 units at $39 Apr. 19 Sale 2,600 units June 30 Purchase 4,400 units at $44 Sept. 2 Sale 5,100 units Nov. 15 Purchase 2,100 units at $46 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 Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 4,200 V 39 V $ 163,800 Apr. 19 2,600 V 39 101,400 1,600 V June 30 4,400 193,600 v 44 Sept. 2 900 v Nov. 15 2,100 v 46 96,600 v Dec. 31 Balances

Perpetual Inventory Using FIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,200 units at $39 Apr. 19 Sale 2,600 units June 30 Purchase 4,400 units at $44 Sept. 2 Sale 5,100 units Nov. 15 Purchase 2,100 units at $46 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 Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 4,200 V 39 V $ 163,800 Apr. 19 2,600 V 39 101,400 1,600 V June 30 4,400 193,600 v 44 Sept. 2 900 v Nov. 15 2,100 v 46 96,600 v Dec. 31 Balances

Name: Perpetual Inventory Using FIFOITEThe following units of a particular
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Description: Perpetual Inventory Using FIFOITEThe following units of a particular item were available for sale during the calendar year:Jan. 1Inventory4,200 units at $39Apr. 19Sale2,600 unitsJune 30Purchase4,400 units at $44Sept. 2Sale5,100 unitsNov. 15Purchase2

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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