Perpetual inventory using FIFO Show Me How Calculator Perpetual Inventory Using

Question

Perpetual inventory using FIFO Show Me How Calculator Perpetual Inventory Using FIFo Beginning inventory, purchases, and sales data for prepaid cell phones for July are as follows Inventory July 1 Purchases July 10 Duly 20 Sales 2,600 units at $39 1,300 units at $41 July 12 1,820 units 1,560 units 780 units 1,170 units at $43July 14 July 31 Assuming that the perpetual inventory system is used, costing by the FIFO method, determine the cost of the merchandise sold for each sale and the inventory balance after each sale. Schedule of Cost of Merchandise Sold FIFO Method Cost of Sold Unit Cost Quantity Unit Cost Total Cost Sold Total Cost Quantity Unit Cost Total Cost Sold Quantity 2600 $39 $101400 July 14 Next

Explanation / Answer

Answer =   CALCULATION OF COST OF ENDING INVENTORY AND COST OF GOODS SOLD UNDER FIFO METHOD PURHASES COST OF GOODS SOLD CLOSING BALANCE Date Particulars Units (A) Rate Per unit Total Cost Units (A) Rate Per unit Total Cost Units (A) Rate Per unit Total Cost July , 01 Beginning inventory 2600 $39 $1,01,400 2600 $39 $1,01,400 July, 10 Purchases 1300 41 $53,300 2600 $39 $1,01,400 1300 41 $53,300 July, 12 Sales 1820 $39 $70,980 780 $39 $30,420 1300 41 $53,300 TOTAL OF COST OF GOODS SOLD AND CLOSING STOCK $70,980 $83,720 July, 14 Sales 780 $39 $30,420 780 $41 $31,980 520 41 $21,320 TOTAL OF COST OF GOODS SOLD AND CLOSING STOCK 1560 $62,400 $21,320 July, 20 Purchases 1170 $43 $50,310 520 41 $21,320 1170 $43 $50,310 July, 31 Sales 520 41 $21,320 260 $43 $11,180 910 $43 $39,130 TOTAL OF COST OF GOODS SOLD AND CLOSING STOCK $32,500 $39,130

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