Përpêtual Inventory Usihg FIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $40 Apг. 19 Sale 2,500 units June 30 Purchase 4,500 units at $44 Sept. 2 Sale 5,000 units Nov. 15 Purchase 2,000 units at $46 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 fo 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.
Përpêtual Inventory Usihg FIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $40 Apг. 19 Sale 2,500 units June 30 Purchase 4,500 units at $44 Sept. 2 Sale 5,000 units Nov. 15 Purchase 2,000 units at $46 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 fo 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.
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter6: Inventories
Section: Chapter Questions
Problem 2PB: LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a...
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![Perpetual Inventory Usihg FIFO
The following units of a particular item were available for sale during the calendar year:
Jan. 1
Inventory
4,000 units at $40
Apг. 19
Sale
2,500 units
June 30
Purchase
4,500 units at $44
Sept. 2
Sale
5,000 units
Nov. 15
Purchase
2,000 units at $46
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.
Schedule of Cost of Goods Sold
FIFO Method
Purchases
Cost of Goods Sold
Inventory
Date
Quantity
Unit Cost
Total Cost
Quantity
Unit Cost
Total Cost
Quantity
Unit Cost
Total Cost
Jan. 1
Apr. 19
June 30
Sept. 2
Nov. 15
Dec. 31
Balances](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7ef4c149-bef3-4ba7-b1e0-cdb87d0d1bbe%2F9d1a1222-77e4-457c-947d-6213fd3804cb%2F72b13ht_processed.png&w=3840&q=75)
Transcribed Image Text:Perpetual Inventory Usihg FIFO
The following units of a particular item were available for sale during the calendar year:
Jan. 1
Inventory
4,000 units at $40
Apг. 19
Sale
2,500 units
June 30
Purchase
4,500 units at $44
Sept. 2
Sale
5,000 units
Nov. 15
Purchase
2,000 units at $46
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.
Schedule of Cost of Goods Sold
FIFO Method
Purchases
Cost of Goods Sold
Inventory
Date
Quantity
Unit Cost
Total Cost
Quantity
Unit Cost
Total Cost
Quantity
Unit Cost
Total Cost
Jan. 1
Apr. 19
June 30
Sept. 2
Nov. 15
Dec. 31
Balances
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