10

Purchased

30

units on account at

$320.

15

Sold

40

units on account at

$700.

22

Purchased

70

units on account at

$350.

29

Sold

75

units on account at

$800.

31

Reported monthly operating expenses of

$30,000.

The company paid one-third with cash, and the rest was recorded on account.

31

Paid

$12,000

of the Accounts Payable balance.

PEI

Distributors purchases inventory in crates of merchandise. Assume the company began

July

with an inventory of

30

units that cost

$300

each. During the month, the company engaged in the following business transactions:

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the icon to view the transactions.)

Assume

PEI

Distributors uses the FIFO cost method for valuing inventories. The company uses a perpetual inventory system.

Required

1. Prepare a perpetual inventory record, at FIFO cost, for this merchandise.

2. Make journal entries to record the company's transactions.

Question content area bottom

Part 1

Requirement 1. Prepare a perpetual inventory record, at FIFO cost, for this merchandise. (Enter the oldest inventory layer first.)

UNITS
	Purchases	Cost of Goods Sold	Inventory on Hand
	QTY	Unit Cost	Tot. Cost	QTY	Unit Cost	Tot. Cost	QTY	Unit Cost	Tot. Cost
Beginning
Jul. 10
15
22
29
Ending