Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Date Units and Cost Dec. 1 120 units at $20 Purchases Date Units and Cost Dec. 10 60 units at $22 20 54 units at $24 Sales Date Units Dec. 12 84 units 14 72 units 31 36 units Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of goods 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 Goods Sold Unit Cost column and in the Inventory Unit Cost column. FIFO MethodPrepaid Cell Phones Date PurchasesQuantity PurchasesUnit Cost PurchasesTotal Cost Cost ofGoods SoldQuantity Cost ofGoods SoldUnit Cost Cost ofGoods SoldTotal Cost InventoryQuantity InventoryUnit Cost InventoryTotal Cost Dec. 1 Dec. 1 Dec. 1 Dec. 1 Dec. 10 Dec. 10 Dec. 10 Dec. 10 Dec. 10 Dec. 10 Dec. 10 fill in the blank 10 fill in the blank 11 fill in the blank 12 Dec. 12 Dec. 12 Dec. 12 Dec. 12 Dec. 12 Dec. 12 Dec. 12 fill in the blank 19 fill in the blank 20 fill in the blank 21 Dec. 14 Dec. 14 Dec. 14 Dec. 14 fill in the blank 25 fill in the blank 26 fill in the blank 27 fill in the blank 28 fill in the blank 29 fill in the blank 30 Dec. 20 Dec. 20 Dec. 20 Dec. 20 Dec. 20 Dec. 20 Dec. 20 fill in the blank 37 fill in the blank 38 fill in the blank 39 Dec. 31 Dec. 31 Dec. 31 Dec. 31 fill in the blank 43 fill in the blank 44 fill in the blank 45 fill in the blank 46 fill in the blank 47 fill in the blank 48 Dec. 31 Balances Dec. 31
Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Date Units and Cost Dec. 1 120 units at $20 Purchases Date Units and Cost Dec. 10 60 units at $22 20 54 units at $24 Sales Date Units Dec. 12 84 units 14 72 units 31 36 units Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of goods 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 Goods Sold Unit Cost column and in the Inventory Unit Cost column. FIFO MethodPrepaid Cell Phones Date PurchasesQuantity PurchasesUnit Cost PurchasesTotal Cost Cost ofGoods SoldQuantity Cost ofGoods SoldUnit Cost Cost ofGoods SoldTotal Cost InventoryQuantity InventoryUnit Cost InventoryTotal Cost Dec. 1 Dec. 1 Dec. 1 Dec. 1 Dec. 10 Dec. 10 Dec. 10 Dec. 10 Dec. 10 Dec. 10 Dec. 10 fill in the blank 10 fill in the blank 11 fill in the blank 12 Dec. 12 Dec. 12 Dec. 12 Dec. 12 Dec. 12 Dec. 12 Dec. 12 fill in the blank 19 fill in the blank 20 fill in the blank 21 Dec. 14 Dec. 14 Dec. 14 Dec. 14 fill in the blank 25 fill in the blank 26 fill in the blank 27 fill in the blank 28 fill in the blank 29 fill in the blank 30 Dec. 20 Dec. 20 Dec. 20 Dec. 20 Dec. 20 Dec. 20 Dec. 20 fill in the blank 37 fill in the blank 38 fill in the blank 39 Dec. 31 Dec. 31 Dec. 31 Dec. 31 fill in the blank 43 fill in the blank 44 fill in the blank 45 fill in the blank 46 fill in the blank 47 fill in the blank 48 Dec. 31 Balances Dec. 31
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter6: Inventories
Section: Chapter Questions
Problem 3E: Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for DVD players are as...
Related questions
Question
Perpetual inventory using FIFO
Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows:
InventoryDate | Units and Cost |
---|---|
Dec. 1 | 120 units at $20 |
Purchases
Date | Units and Cost |
---|---|
Dec. 10 | 60 units at $22 |
20 | 54 units at $24 |
Sales
Date | Units |
---|---|
Dec. 12 | 84 units |
14 | 72 units |
31 | 36 units |
Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of goods 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 Goods Sold Unit Cost column and in the Inventory Unit Cost column.
FIFO MethodPrepaid Cell Phones
Date |
Purchases Quantity |
Purchases Unit Cost |
Purchases Total Cost |
Cost of Goods Sold Quantity |
Cost of Goods Sold Unit Cost |
Cost of Goods Sold Total Cost |
Inventory Quantity |
Inventory Unit Cost |
Inventory Total Cost |
---|---|---|---|---|---|---|---|---|---|
Dec. 1 | Dec. 1 | Dec. 1 | Dec. 1 | ||||||
Dec. 10 | Dec. 10 | Dec. 10 | Dec. 10 | Dec. 10 | Dec. 10 | Dec. 10 | |||
fill in the blank 10 | fill in the blank 11 | fill in the blank 12 | |||||||
Dec. 12 | Dec. 12 | Dec. 12 | Dec. 12 | Dec. 12 | Dec. 12 | Dec. 12 | |||
fill in the blank 19 | fill in the blank 20 | fill in the blank 21 | |||||||
Dec. 14 | Dec. 14 | Dec. 14 | Dec. 14 | ||||||
fill in the blank 25 | fill in the blank 26 | fill in the blank 27 | fill in the blank 28 | fill in the blank 29 | fill in the blank 30 | ||||
Dec. 20 | Dec. 20 | Dec. 20 | Dec. 20 | Dec. 20 | Dec. 20 | Dec. 20 | |||
fill in the blank 37 | fill in the blank 38 | fill in the blank 39 | |||||||
Dec. 31 | Dec. 31 | Dec. 31 | Dec. 31 | ||||||
fill in the blank 43 | fill in the blank 44 | fill in the blank 45 | fill in the blank 46 | fill in the blank 47 | fill in the blank 48 | ||||
Dec. 31 | Balances | Dec. 31 |
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