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

Perpetual Inventory Using FIFO The following units of...

90.2K

Verified Solution

Question

Accounting

image
image
Perpetual Inventory Using FIFO The following units of a particular item were available for sale during the calendar year Jan 1 Inventory 4,000 units at $40 Ape. 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 sa, assuming the first in, first-out method. Present the data in the form Hlustrated 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 4,000 40 160,000

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

Chemistry
1.2K views

The product of a Diels Alder reaction is often a pair of enantiomers. Does the reaction...

Biology
1.2K views

2 Why would growing a bacterium in liquid culture potentially make it easier for you...

Physics
1.2K views

101 Six charged particles each of magnitude q lie on the circumference of a ring...

Physics
1.2K views

An electric kettle takes 4A current at 220V How much time will it take to...

Algebra
1.2K views

Solve the equation Check your solution 9 4 x 2 6x

Algebra
1.2K views

Use graphing technology to approximate the solutions of the equation Round your answers to the...

Accounting
1.2K views

Problem 8-5(Algo) Various inventory costing methods [LO8-1,8-4] Answer is complete but not entirely correct. ...

Accounting
1.2K views

Sarasota Inc. manufactures cycling equipment. Recently, the vice president of operations of the company has...

Accounting
1.2K views

Brief Exercise 10-14 Pharoah Company issues an $845 000 10% 10-year mortgage note on December...

Accounting
1.2K views

Please could you help me to fill-up the excel below and could you let me...

Accounting
1.2K views

Entity that owns corporation's shares. Question 12 options: Trustee Investor Investee

Finance
1.2K views

Explain the key objectives and the major components/features of Sarbanes-Oxley Act and Dodd-Frank Act in...