Atlanta Metal began August with 45 units of iron inventory that cost $24 each. D
ID: 2391826 • Letter: A
Question
Atlanta Metal began August with 45 units of iron inventory that cost $24 each. During August the company completed the following inventory? transactions:?
Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method. Prepare BOTH a FIFO and a LIFO document.
Requirement 1. Prepare ? perpetual inventory record for the merchandse nventory usng the FIFO nvetory costing method. hand at the end of th pericd. (Enler the aldcst inwarbory layars fiet) Inventory on Hand Unit Tobal Unit Total 1 Da:a Table Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Aug. 1 Aug. 3 Sao 36 21 Sale 30 Purthase 25 47 Print Dona TotasExplanation / Answer
Solution:
1) FIFO:
Purchase
COGS
Inventory on hand
Date
Quantity
Unit cost
Total cost
Quantity
Unit cost
Total cost
Quantity
Unit cost
Total cost
Aug-01
45
24
1080
45
24
1080
Aug-03
36
24
864
9
24
216
Aug-09
70
32
2240
9
24
216
70
32
2240
Aug-21
9
24
216
13
32
416
57
32
1824
Aug-30
26
47
1222
13
32
416
26
47
1222
TOTAL
141
4542
102
2904
1638
?
2) LIFO
Purchase
COGS
Inventory on hand
Date
Quantity
Unit cost
Total cost
Quantity
Unit cost
Total cost
Quantity
Unit cost
Total cost
Aug-01
45
24
1080
45
24
1080
Aug-03
36
24
864
9
24
216
Aug-09
70
32
2240
9
24
216
70
32
2240
Aug-21
66
32
2112
9
24
216
4
32
128
Aug-30
26
47
1222
9
24
216
4
32
128
26
47
1222
TOTAL
141
4542
102
2976
185
1566
Purchase
COGS
Inventory on hand
Date
Quantity
Unit cost
Total cost
Quantity
Unit cost
Total cost
Quantity
Unit cost
Total cost
Aug-01
45
24
1080
45
24
1080
Aug-03
36
24
864
9
24
216
Aug-09
70
32
2240
9
24
216
70
32
2240
Aug-21
9
24
216
13
32
416
57
32
1824
Aug-30
26
47
1222
13
32
416
26
47
1222
TOTAL
141
4542
102
2904
1638
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