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

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Description: The following units of a particular item were available for sale during the calendar year:Jan. 13,800 units at $40Apr. 192,600 unitsJune 304,400 units at $45Sept. 25,200 unitsNov. 152,100 units at $48The firm maintains a perpetual inventory system.

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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