Perpetual Inventory Using FIFO Start |, cengageNOW%2| 11-15-17.pdf | e chegg Stu

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Perpetual Inventory Using FIFO

Start |, cengageNOW%2| 11-15-17.pdf | e chegg Study! G! 11-16-17 ho × + v Can't connect se Cengage LT X | file:/VC:/Users/Owner/Desktop/11-16-17%20homework.pdf FIrst-In, FIrst-out Method Portable DVD Players Cost of Cost of Date Quantity Purchased Quantity Merchandise Merchandise Inventory Purchases Purchases Unit Cost Total Cost Inventory Inventory Sold Total QuantityUnit Cost Total Cost Sold Sold Unit Cost Cost 10 15 20 Apr 21 Apr 30 b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first out method? 6:06 PM Type here to search 11/16/2017 7

Explanation / Answer

a) Perpetual FIFO method :

19

27

61

64

1159

1728

19

9

61

64

1159

576

4

23

64

67

256

1541

b) Based upon preceding date in LIFO perpetual method ending inventory will be lower..

Date quantity purchased unit cost purchase cost quantity sold unit cost cost of goods sold inventory on hand unit cost inventory cost apr 1 58 61 3538 apr 10 39 61 2379 19 61 1159 apr 15 27 64 1728

19

27

61

64

1159

1728

apr 20

19

9

61

64

1159

576

18 64 1152 apr 24 14 64 896 4 64 256 apr 30 23 67 1541

4

23

64

67

256

1541

Total 5010 1797

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