Answered: Schedule of Cost of Goods Sold FIFO…

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 43E: Cost of goods sold Based on the following data, determine the cost of goods sold for July:

See similar textbooks

Related questions

Question

The beginning inventory at Smith Co. and data on purchases and sales for a three-month period ending June 30 are...

Date	Transaction	Number of Units	Per Unit	Total
Apr. 3	Inventory	48	$450	$21,600
8	Purchase	96	540	51,840
11	Sale	64	1,500	96,000
30	Sale	40	1,500	60,000
May 8	Purchase	80	600	48,000
10	Sale	48	1,500	72,000
19	Sale	24	1,500	36,000
28	Purchase	80	660	52,800
June 5	Sale	48	1,575	75,600
16	Sale	64	1,575	100,800
21	Purchase	144	720	103,680
28	Sale	72	1,575	113,400

Record inventory, purchases, cost of merchandise sold data in perpetual invetory record similar to the one illutrated in exhibit 3 using FIFO. Under FIFO if units at two different costs eneter the units with the lower unit cost first in the cost of goods sold unit cost column and in the inventory unit cost column.