Question
1/1/19 BEGINNING INVENTORY 100 UNITS @ 10 EACH = 1,000 2/1/19 PURCHASE 500 UNITS @ 25 EACH = 12,500 3/15/19 PURCHASE 120 UNITS @ 30
1/1/19 BEGINNING INVENTORY 100 UNITS @ 10 EACH = 1,000
2/1/19 PURCHASE 500 UNITS @ 25 EACH = 12,500
3/15/19 PURCHASE 120 UNITS @ 30 EACH = 3,600
3/30/19 SALE 150 UNITS SALES PRICE 50 EACH = 7,500
5/1/19 PURCHASE 130 UNITS @ 32 EACH = 4,160
6/15/19 SALE 350 UNITS SALES PRICE 50 EACH = 17,500
a The total cost of beginning inventory is (1,000, 100, 10,000)
.
b. The total cost of available for sale inventory is (1000 ,21,260, 13,500)
.
c. Using FIFO inventory cost method, the cost of the sale on 3/30/19 is (7,500, 150, 2,250)
.
d. The total cost of goods sold using FIFO is (11,000, 25,000)
.
e. The total cost of ending inventory using FIFO is (11,000,10,260, 4,160)
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