w.com/ilm/takeAssignment/takeAssignmentMain.do?invoker- sionLocator-assignment-t

Question

w.com/ilm/takeAssignment/takeAssignmentMain.do?invoker- sionLocator-assignment-take ook Show Me How Caleulator petual Inventory Using FIFO inning inventory, purchases, and sales data for DVD players are as follows November 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 30 Purchase 36 units at $78 26 units 20 units at $81 15 units 7 units 24 units at $86 ebusiness maintains a perpetual inventory system, costing by the first-in, first -out method. Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exh ferent costs, enter the units with the LOWER unit cost first jn the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Cost of the Goods Sold Schedule irst-in, First-out Method DVD Players ate Quantity Purchased Purchases Unit Cost Durchases Total Cost Quanity Sold Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventso lov. 1 lov. 10 lov. 15 36 2.020 2020 V 10

Explanation / Answer

Ans. Cost of goods sold schedule First-in-first-out method DVD Players Date Quantity Cost per Purchase Quantity Cost per Total cost balance cost per Total Purchased unit Total cost Sold unit sold of goods sold units unit Cost 1-Nov 36 78 2808 10-Nov 26 78 2028 10 78 780 15-Nov 20 81 1620 10 78 780 20 81 1620 20-Nov 10 78 780 5 81 405 15 81 1215 24-Nov 7 81 567 8 81 648 30-Nov 24 86 2064 8 81 648 24 86 2064 Total 3780 2712 Total Cost of goods sold   = 3780 Total cost of ending inventory   (648 + 2064) = 2712

Related Questions

Navigate

• Browse (All)
• Browse W
• Subjects

---

---

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