Assume that J L Toys store purchased and sold a line of dolls during December as follows:

LOADING...(Click the icon to view the transactions.)

J L Toys uses the perpetual inventory system.

Read the requirements.LOADING...

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Part 1

Requirement 1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing 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 chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.)

Assume that JL Toys store purchased and sold a line of dolls during December as follows: (Click the icon to view the transactions.) JL Toys uses the perpetual inventory system. Read the requirements. Requirement 1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing 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 chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Total Cost Unit Cost Date Quantity Cost Cost Quantity Cost Cost 11 Dec. 1 Dec. 8 64 Dec 14 14 14 Dec. 21 Total 14 Check answer 196 196 Quantity 8 3 9 20 8 8 14 24 312 214 3 3 14 5 8 8 8 14 14 88 24 24 196 70 70 Clear all More info Dec. 1. Beginning merchandise inventory 8 Sale 14 Purchase 21 Sale Print 11 8 14 13 Done units @ $ 8 each units @ $24 each units @ $ 14 each units @ $ 24 each - X