OnlinXC Print Item Of Purchasedx ow.com,/ilm/takeAssignment/takeAssignmentMain.d

Question

OnlinXC Print Item Of Purchasedx ow.com,/ilm/takeAssignment/takeAssignmentMain.do?invoker as Print hem Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for ttem 8901 are as follows: 44 units 30 units 48 units :9 units May1 Inventory $25 9 Sale 13 Purchase 28 Sale $28 Assuming a perpetua, inventory System and using the first-n, first-out (F?FO) method, determine (a) the cost of merchandise od on inventory on May 31 a. Cost of merchandise sold on May 28 b. Inventory on May 31 1.092x a. When the Dehermine how much FiFO method isusec cous are inoluded in cost of merchandise soid in the roer n whih yr surchased Thnk of your inventory ie tenns or aers 6 9 8

Explanation / Answer

Under FIFO Method, goods purchased first are sold first

Therefore, cost of Goods Sold under FIFO method will be as follows:

Units sold on May 28 = 19

Units Left from May 1 Inventory = 44 - 30 (sale on 9th May) = 14

Hence, COGS = 14*25 = 350

5*28 = 140

Hence, COGS = $490

Inventory on May 31 = (48-5)*28 = $1,204

Related Questions

Navigate

• Browse (All)
• Browse O
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.