The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 3,800 units at $40 Apr. 19 Sale 2,600 units June 30 Purchase 4,400 units at $45 Sept. 2 Sale 5,200 units Nov. 15 Purchase 2,100 units at $48 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present 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. Date Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec 31 Quantity Balances Purchases Unit Cost $ Total Cost Schedule of Cost of Goods Sold FIFO Method Quantity Cost of Goods Sold Unit Cost $ Total Cost $ Quantity Inventory Unit Cost Total Cost
The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 3,800 units at $40 Apr. 19 Sale 2,600 units June 30 Purchase 4,400 units at $45 Sept. 2 Sale 5,200 units Nov. 15 Purchase 2,100 units at $48 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present 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. Date Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec 31 Quantity Balances Purchases Unit Cost $ Total Cost Schedule of Cost of Goods Sold FIFO Method Quantity Cost of Goods Sold Unit Cost $ Total Cost $ Quantity Inventory Unit Cost Total Cost
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter6: Receivables And Inventories
Section: Chapter Questions
Problem 6.5P: Lower-of-cost-or market inventory Data on the physical inventory of Moyer Company as of December 31,...
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![The following units of a particular item were available for sale during the calendar year:
Jan. 1
3,800 units at $40
Apr. 19
2,600 units
June 30
4,400 units at $45
Sept. 2
5,200 units
Nov. 15
2,100 units at $48
The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present 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.
Date
Jan. 1
Apr. 19
June 30
Sept. 2
Nov. 15
Dec. 31
Inventory
Sale
Purchase
Sale
Purchase
Quantity
Balances
Purchases
Unit Cost
Total Cost
Schedule of Cost of Goods Sold
FIFO Method
Quantity
Cost of Goods Sold
Unit Cost
Total Cost
Quantity
Inventory
Unit Cost
$
Total Cost](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8029cb5c-3a85-4a8e-805d-258db259b27c%2Fac2fb109-456e-4f4c-a028-3d4235078b95%2Feadbro_processed.png&w=3840&q=75)
Transcribed Image Text:The following units of a particular item were available for sale during the calendar year:
Jan. 1
3,800 units at $40
Apr. 19
2,600 units
June 30
4,400 units at $45
Sept. 2
5,200 units
Nov. 15
2,100 units at $48
The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present 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.
Date
Jan. 1
Apr. 19
June 30
Sept. 2
Nov. 15
Dec. 31
Inventory
Sale
Purchase
Sale
Purchase
Quantity
Balances
Purchases
Unit Cost
Total Cost
Schedule of Cost of Goods Sold
FIFO Method
Quantity
Cost of Goods Sold
Unit Cost
Total Cost
Quantity
Inventory
Unit Cost
$
Total Cost
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