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Required: Compute the correct ending inventory (if any) as of April 30, 2022 using the FIFO Perpetual method of costing

Required: Compute the correct ending inventory (if any) as of April 30, 2022 using the FIFO Perpetual method of costing

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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q3. complete solutions please.

 

You are auditing STUVWXYZ Company. Following transactions were found in the record of the company regarding its inventory for the month of April, 2022: April 1 Beginning balance 4 Purchases 2,000 units @ P7 8,000 units @ P8 9,000 units 5 Sales 12 Purchases 9,000 units @ P6 15 Sales 7,000 units 17 Purchase 5,000 units @ P7 20 Sales 4,000 units 1,500 units 29 Sales In the verification of its inventory stock card, you have noticed the following movements in the account: (STUVWXYZ applies the FIFO perpetual method)
Transcribed Image Text:You are auditing STUVWXYZ Company. Following transactions were found in the record of the company regarding its inventory for the month of April, 2022: April 1 Beginning balance 4 Purchases 2,000 units @ P7 8,000 units @ P8 9,000 units 5 Sales 12 Purchases 9,000 units @ P6 15 Sales 7,000 units 17 Purchase 5,000 units @ P7 20 Sales 4,000 units 1,500 units 29 Sales In the verification of its inventory stock card, you have noticed the following movements in the account: (STUVWXYZ applies the FIFO perpetual method)
In the verification of its inventory stock card, you have noticed the following movements in the account: (STUVWXYZ applies the FIFO perpetual method) Cost of Merchandise Sold Purchases Inventory Balance Unit Total Unit Total Unit Total Date Qty Cost Cost Qty Cost Cost Qty Cost Cost April 1 2,000 7 14,000 4 8,000 8 64,000 2,000 14,000 8,000 64,000 5 7 14,000 1,000 8,000 8 56,000 12 9,000 6 54,000 1,000 8,000 9,000 54,000 15 7,000 6 42,000 1,000 8,000 2,000 12,000 5,000 7 35,000 1,000 8,000 2,000 12,000 5,000 35,000 4,000 7 28,000 1,000 1,000 2,000 12,000 1,000 7,000 1,000 8 1,000 1,500 6 9,000 500 6 3,000 1,000 7 7,000 30 Inventory, end 2,500 16,000 Required: Compute the correct ending inventory (if any) as of April 30, 2022 using the FIFO Perpetual method of costing. сл 17 20 29 2,000 7,000 7 8 8 8 6 8 6 8 6 7 8 6 7
Transcribed Image Text:In the verification of its inventory stock card, you have noticed the following movements in the account: (STUVWXYZ applies the FIFO perpetual method) Cost of Merchandise Sold Purchases Inventory Balance Unit Total Unit Total Unit Total Date Qty Cost Cost Qty Cost Cost Qty Cost Cost April 1 2,000 7 14,000 4 8,000 8 64,000 2,000 14,000 8,000 64,000 5 7 14,000 1,000 8,000 8 56,000 12 9,000 6 54,000 1,000 8,000 9,000 54,000 15 7,000 6 42,000 1,000 8,000 2,000 12,000 5,000 7 35,000 1,000 8,000 2,000 12,000 5,000 35,000 4,000 7 28,000 1,000 1,000 2,000 12,000 1,000 7,000 1,000 8 1,000 1,500 6 9,000 500 6 3,000 1,000 7 7,000 30 Inventory, end 2,500 16,000 Required: Compute the correct ending inventory (if any) as of April 30, 2022 using the FIFO Perpetual method of costing. сл 17 20 29 2,000 7,000 7 8 8 8 6 8 6 8 6 7 8 6 7
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