Required 1. Calculate the dollar value of ending inventory and cost of goods sold using FIFOAnswerFIFO perpetualDateNov 1Nov 4Nov 6Nov 16Nov 20Nov 24Nov 28Nov 30TotalsPurchasesUnits Unit Cost Total Cost UnitsCost of goods available for sale =Sales (at cost)Unit CostCost ofGoodsCost of goods soldBalanceUnits Unit Cost Total CostEnding inventory Tool Depot sells the latest selection of power tools and uses a perpetual inventory system. The following isinformation on the purchases and sales of the power drills, "M1500." On November 1, Tool Depot had 150 units witha unit cost of $49.DateNov. 4Nov. 6Nov. 16Nov. 20Nov. 24Nov. 28Nov. 30Units200350150PurchasesUnit Cost474540Units100275250100SalesUnit Price$100$100$110$110Required 1. Calculate the dollar value of ending inventory and cost of goods sold using FIFO

Date Purchase Sales (at cost )Balance unit unit costtotal costunit unit costTotal costunit unit cost…

Answered: Required 1. Calculate the dollar value…

Business

Accounting

Required 1. Calculate the dollar value of ending inventory and cost of goods sold using FIFO

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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Question

Required 1. Calculate the dollar value of ending inventory and cost of goods sold using FIFO
Answer
FIFO perpetual
Date
Nov 1
Nov 4
Nov 6
Nov 16
Nov 20
Nov 24
Nov 28
Nov 30
Totals
Purchases
Units Unit Cost Total Cost Units
Cost of goods available for sale =
Sales (at cost)
Unit Cost
Cost of
Goods
Cost of goods sold
Balance
Units Unit Cost Total Cost
Ending inventory

Tool Depot sells the latest selection of power tools and uses a perpetual inventory system. The following is
information on the purchases and sales of the power drills, "M1500." On November 1, Tool Depot had 150 units with
a unit cost of $49.
Date
Nov. 4
Nov. 6
Nov. 16
Nov. 20
Nov. 24
Nov. 28
Nov. 30
Units
200
350
150
Purchases
Unit Cost
47
45
40
Units
100
275
250
100
Sales
Unit Price
$100
$100
$110
$110
Required 1. Calculate the dollar value of ending inventory and cost of goods sold using FIFO

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