The beginning inventory and the purchases and sales of inventory for March for the Carolina Company are as presented below. Complete the inventory schedule assuming the FIFO Inventory valuation method is used. Date Transaction Number of Units Per Unit Total Mar 1 Inventory 10,500 1.5 $15,750 Mar 8 Purchase 12,000 1.6 $19,200 Mar 11 Sold 11,000 2.5 $27,500 Mar 12 Sold 9,500 2.5 $23,750 Mar 14 Purchase 8,000 1.65 $13,200 Mar 15 Sold 5,000 2.6 $13,000 Mar 19 Sold 4,000 2.6 $10,400 Mar 22 Purchase 7,000 1.7 $11,900 Mar 24 Sold 4,000 2.6 $10,400 Mar 25 Sold 2,500 2.6 $6,500 Mar 26 Purchase 10,000 1.72 $17,200 Mar 28 Sold 5,000 2.6 $13,000 FIFO Purchases Cost of Goods Sold Inventory Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Date Mar. 1 0 8 0 0 11 0 0 12 0 14 0 0 15 0 0 19 0 22 0 0 24 0 0 25 0 26 0 0 28 0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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The beginning inventory and the purchases and sales of inventory for March for the Carolina Company
are as presented below. Complete the inventory schedule assuming the FIFO Inventory valuation
method is used.

Date	Transaction	Number of Units	Per Unit	Total
Mar 1	Inventory	10,500	1.5	$15,750
Mar 8	Purchase	12,000	1.6	$19,200
Mar 11	Sold	11,000	2.5	$27,500
Mar 12	Sold	9,500	2.5	$23,750
Mar 14	Purchase	8,000	1.65	$13,200
Mar 15	Sold	5,000	2.6	$13,000
Mar 19	Sold	4,000	2.6	$10,400
Mar 22	Purchase	7,000	1.7	$11,900
Mar 24	Sold	4,000	2.6	$10,400
Mar 25	Sold	2,500	2.6	$6,500
Mar 26	Purchase	10,000	1.72	$17,200
Mar 28	Sold	5,000	2.6	$13,000


FIFO	Purchases	Cost of Goods Sold	Inventory
	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost
Date
Mar. 1										0
8										0
										0
11										0
										0
12										0
14										0
										0
15										0
										0
19										0
22										0
										0
24										0
										0
25										0
26										0
										0
28										0
										0
31	Balances									0

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