V2 com Using FIFO B Calculator Perpetual Inventory Using FIFO Beginning inventor

Question

V2 com Using FIFO B Calculator Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: June 1 Inventory 6 Sale 14 Purchase 19 Sae 25 Sale 30 Purchase 44 units $65 34 units 20 units @ $69 17 units 7 units ?0 units @ s73 maintains a perpetual inventory system, costing by the first-in, first-out method Determine the cost of the lustrated in Exhibit 4 a. under FIFo,?units are n inventory at two an-erent costs, enter the unts with the LOWER unt cost first in the cost or Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form Cost of the Menchandse Sold Schedul First-in, Fistoa Mehd Sold Total Cost Quantity Unit Cosit Total Cost Purchased Unit Cost Total Cost old Sold Unit Cost $65 June June June Net All work saved

Explanation / Answer

Solution :

Computation of ending inventory COGS under FIFO Date Beginning Inventory Purchase Cost of Goods Sold Ending Inventory Qty Rate Amount Qty Rate Amount Qty Rate Amount Qty Rate Amount 1-Jun 44 $65.00 $2,860.00 0 $0.00 $0.00 0 $0.00 $0.00 44 $65.00 $2,860.00 6-Jun 44 $65.00 $2,860.00 0 $0.00 $0.00 34 $65.00 $2,210.00 10 $65.00 $650.00 14-Jun 10 $65.00 $650.00 20 $69.00 $1,380.00 0 $0.00 $0.00 10 $65.00 $650.00 20 $69.00 $1,380.00 19-Jun 10 $65.00 $650.00 0 $0.00 $0.00 10 $65.00 $650.00 13 $69.00 $897.00 20 $69.00 $1,380.00 7 $69.00 $483.00 25-Jun 13 $69.00 $897.00 0 $0.00 $0.00 7 $69.00 $483.00 6 $69.00 $414.00 30-Jun 6 $69.00 $414.00 30 $73.00 $2,190.00 0 $0.00 $0.00 6 $69.00 $414.00 30 $73.00 $2,190.00 Total $3,826.00 $2,604.00

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