Question Ho Assume that RB Tre Store completed the following perpetual anventory
ID: 2561709 • Letter: Q
Question
Question Ho Assume that RB Tre Store completed the following perpetual anventory transactions for a line of tires 1 (Click the icon to view the transactions) Read the requirements Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory casting method Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method Enter the transactions in chronologo entered into the perpetual record, calculate the quantay and total cost of merchandise inventory purchased, sold, and on hand at the end of the period al order, calculating new inventary on hand balances afler each transaction. Once al of the transactons have been Enter the okdest inventory layers frst) Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity CostCost Dec 1 More Info Dec. 1 Begnnng merchandise inventory22 tires 53 each 14 tires & $ 1 each 18 tires S 84 each 10 tres @ S 74 each 19 tres 84each 11 Purchase 23 Sale 26 Purchase 29 Sale 26 Print Done Totals Compute gross profit using the FIFO inventory costng method Enter any number in the edit fields and then continue to the next questionExplanation / Answer
COMPUTE COST OF GOODS SOLD AND GROSS PROFIT USING FIFO METHOD :
22
14
53
71
1166
994
4
14
53
71
212
994
4
14
10
53
71
74
212
994
740
4
14
1
53
71
74
212
994
74
Cost of goods sold = 2234
Sale = (37*84) = 3108
Gross profit = 874
Note : Please always clear image submit otherwise answer may be wrong
Purchases Cost of goods sold Inventory on hand Date quantity unit cost total cost quantity unit cost total cost quantity unit cost total cost dec 1 22 53 1166 dec 11 14 71 99422
14
53
71
1166
994
Dec 23 18 53 9544
14
53
71
212
994
Dec 26 10 74 7404
14
10
53
71
74
212
994
740
Dec 294
14
1
53
71
74
212
994
74
9 74 666 Balance 2234 666Related Questions
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