Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for...
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Accounting
Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows:
| Inventory | Purchases | Sales | |||
|---|---|---|---|---|---|
| May 1 | 3,600 units at $21 | May 10 | 1,800 units at $23 | May 12 | 2,520 units |
| May 20 | 1,620 units at $25 | May 14 | 2,160 units | ||
| May 31 | 1,080 units |
| 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 |
| May 1 | $ | $ | |||||||
| May 10 | $ | $ | |||||||
| May 12 | $ | $ | |||||||
| May 14 | |||||||||
| May 20 | |||||||||
| May 31 | |||||||||
| May 31 | Balances | $ | $ | ||||||
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