Assue ail pur Ciaju Using the FIFO perpetual inventory procedure, prepare the ap

Question

Assue ail pur Ciaju Using the FIFO perpetual inventory procedure, prepare the appropriate journal The following purchases and sales for Ripple Company are for April 2012.There was no i t entries for March Regine Required roblem 7-5 ventory under FIFO, ory on April 1. FO, and weighted- erage using perpetual d periodic inventory ompute ending Purchases Sales Unit Cost Units 3,200$33.00 April 6 1,600 34.00 April 12 2,00035.00 April 25 1,800 36.00 Units 1,500 1,400 2,300 cedures (L.O. 3) April 3 April 10 April 22 April 28

Explanation / Answer

Perpetual inventory FIFO cost of goods sold Ending inventory Date of unit Average cost per unit Cost of Average goods available for sale of unit Average cost per unit cost of goods sold of unit Average cost per unit Ending inventory Apr-03 Purchase 3200 33 105600 Apr-06 Sales 1500 33 49500 Balance 1700 33 56100 Apr-10 Purchase 1600 34 54400 Balance 1700 33 56100 1600 34 54400 Apr-12 Sales 1400 33 46200 300 33 9900 Balance 1600 34 54400 Apr-22 Purchase 2000 35 70000 300 33 9900 1600 34 54400 2000 35 70000 Apr-25 Sales 300 33 9900 1600 34 54400 400 35 14000 1600 35 56000 Apr-28 Purchase 1800 36 64800 1600 35 56000 1800 36 64800 3400 120800 LIFO cost of goods sold Ending inventory Date of unit Average cost per unit Cost of Average goods available for sale of unit Average cost per unit cost of goods sold of unit Average cost per unit Ending inventory Apr-03 Purchase 3200 33 105600 Apr-06 Sales 1500 33 49500 Balance 1700 33 56100 Apr-10 Purchase 1600 34 54400 Balance 1700 33 56100 1600 34 54400 Apr-12 Sales 1400 33 46200 1700 33 56100 Balance 200 34 6800 Apr-22 Purchase 2000 35 70000 1700 33 56100 200 34 6800 2000 35 70000 Apr-25 Sales 2000 35 70000 200 34 6800 100 33 3300 1600 33 52800 Apr-28 Purchase 1800 36 64800 1600 33 52800 1800 36 64800 3400 117600 Weighted Average cost of goods sold Ending inventory Date of unit Average cost per unit Cost of Average goods available for sale of unit Average cost per unit cost of goods sold of unit Average cost per unit Ending inventory Apr-03 Purchase 3200 33 105600 Apr-06 Sales 1500 33 49500 Balance 1700 33 56100 Apr-10 Purchase 1600 34 54400 1700 33 56100 1600 34 54400 Balance 3300 33.4848 110500 Apr-12 Sales 1400 33.48485 46878.7879 1900 33.4848 63621 Apr-22 Purchase 2000 35 70000 1900 33.4848 63621 2000 35.0000 70000 3900 34.2618 133621 Apr-25 Sales 2300 34.2618 78802.2533 1600 34.2618 54818.959 Apr-28 Purchase 1800 36 64800 1600 34.2618 54818.959 1800 36 64800 3400 35.182047 119618.96 Periodic inventory FIFO cost of goods sold Ending inventory Date of unit Average cost per unit Cost of Average goods available for sale of unit Average cost per unit cost of goods sold of unit Average cost per unit Ending inventory Apr-03 Purchase 3200 33 105600 3200 33 105600 Apr-10 Purchase 1600 34 54400 1600 34 54400 Apr-22 Purchase 2000 35 70000 400 35 14000 1600 35 56000 Apr-28 Purchase 1800 36 64800 1800 36 64800 Balance 3400 120800 LIFO cost of goods sold Ending inventory Date of unit Average cost per unit Cost of Average goods available for sale of unit Average cost per unit cost of goods sold of unit Average cost per unit Ending inventory Apr-03 Purchase 3200 33 105600 3200 33 105600 Apr-10 Purchase 1600 34 54400 1400 34 47600 200 34 6800 Apr-22 Purchase 2000 35 70000 2000 35 70000 Apr-28 Purchase 1800 36 64800 1800 36 64800 Balance 3400 112400 Weighted average cost of goods sold Ending inventory Date of unit Average cost per unit Cost of Average goods available for sale of unit Average cost per unit cost of goods sold of unit Average cost per unit Ending inventory Apr-03 Purchase 3200 33 105600 Apr-10 Purchase 1600 34 54400 Apr-22 Purchase 2000 35 70000 Apr-28 Purchase 1800 36 64800 8600 34.27907 294800 5200 34.27907 178251.163 Balance 3400 34.27907 116548.84

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