Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. perpetual inventory using fifo beginning inventory

Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for...

80.2K

Verified Solution

Question

Accounting

image
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 3,800 units at $20 May 10 1,900 units at $22 May 12 2.660 units May 20 1,710 units at $24 May 14 2,280 units May 31 1,140 units Assume that the business maintains a perpetual inventory system, costing by the first in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, units are in inventory at two different costs, enter the units with the LOWER un cost first in the cost of Merchandise Sold Unit Cost celu and in the Inventory Unit Cost column Schedule of Cost of Merchandise Sold FIFO Method Prepaid Cell Phones Purchases Purchases Unit Purchases Total cost of Merchandise Sold Cost of Merchandise Sold Cost of Merchandise Sold Inventory Inventory Unit Inventory Tote Date Cost Cost Unit Cost Quantity Total Cost Quantity Cost Quantity Cost May 1 May 1.900 12 10 May 12 101011 110 0 May 14 0 000 10000 00 000 00000 May 20 1,710 24 41.040 May 31 DO May 31 Balances Balances

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Medical Sciences
1.2K views

Laboratory Test: The patient was then subjected to a 2-hour water deprivation test followed by another...

Chemistry
1.2K views

two solutions can be found on either side of a semi-permeable membrane. a 4.0m sucrose solution...

Psychology
1.2K views

Sociology Apply at least two theories discussed in Module 24 (Morton theory of daviance,Social disorganization theory etc)...

Physics
1.2K views

There is a soap bubble of radius 2 4 10 m in air cylinder which...

Statistics
1.2K views

List all the combinations of five objects a b c d and e taken two...

Accounting
1.2K views

Roberts Hardware is adding a new product line that will require an investment of $1,454,000....

Accounting
1.2K views

1) Presente entradas para registrar lo siguiente: A) Emiti 1,000 acciones ordinarias a la par...

Accounting
1.2K views

dAlt+Q Current Attempt in Progress Oriole Repairs has 200 auto-maintenance service outlets nationwide. It performs...

Accounting
1.2K views

prepare the following documents 1. General Journal 2. Ledgers 3. T Accounts 4. Income...

Accounting
1.2K views

Explain what type of audit report is required when the entity has a lawsuit pending...

Accounting
1.2K views

The department expects learners to demonstrate: Understanding of the nature and complexity of the...

Accounting
1.2K views

What are the relative advantages of partnership versus limited partnership as a form of doing...