1
answer
0
watching
453
views
28 Sep 2019
Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales data for prepaid cellphones for August are as follows:
Inventory Purchases Sales August 1 2,200 units at $20 August 10 1,100 units at $22 August 12 1,540 units August 20 990 units at $24 August 14 1,320 units August 31 660 units
Hide
Assuming that the perpetual inventory system is used, costing bythe FIFO method, determine the cost of the merchandise sold foreach sale and the inventory balance after each sale.
Schedule of Cost of Merchandise Sold
FIFO Method
Prepaid Cell Phones
Date
Purchases Quantity
Purchases Unit Cost
Purchases Total Cost
Cost of Merchandise Sold Quantity
Cost of Merchandise Sold Unit Cost
Cost of Merchandise Sold Total Cost
Inventory Quantity
Inventory Unit Cost
Inventory Total Cost
Aug. 1
2,200
$ 20
$ 44,000
Aug. 10
$
$
Aug.12
$
$
Aug. 14
Aug. 20
Aug. 31
Aug. 31
Balances
$
$
Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales data for prepaid cellphones for August are as follows:
Inventory | Purchases | Sales | |||
---|---|---|---|---|---|
August 1 | 2,200 units at $20 | August 10 | 1,100 units at $22 | August 12 | 1,540 units |
August 20 | 990 units at $24 | August 14 | 1,320 units | ||
August 31 | 660 units |
Assuming that the perpetual inventory system is used, costing bythe FIFO method, determine the cost of the merchandise sold foreach sale and the inventory balance after each sale.
|
Casey DurganLv2
28 Sep 2019