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Beginning inventory, purchases and sales data for hammers are as follows: Mar. 3 Inventory 12 units @ $15 11 Purchase 13 units @ $17 14
Beginning inventory, purchases and sales data for hammers are as follows:
Mar. 3 | Inventory | 12 units | @ | $15 |
11 | Purchase | 13 units | @ | $17 |
14 | Sale | 18 units | ||
21 | Purchase | 9 units | @ | $20 |
25 | Sale | 10 units |
Assuming the business maintains a perpetual inventory system, complete the inventory cards and calculate the cost of goods sold and ending inventory under the following assumptions:
(a) First-in, first-out
Purchases | Cost of Goods Sold | Inventory | |||||||||
Date | Qty | Unit Cost | Total Cost | Qty | Unit Cost | Total Cost | Qty | Unit Cost | Total Cost | ||
Mar. 3 | $ | $ | |||||||||
11 | $ | $ | $ | $ | |||||||
$ | |||||||||||
14 | $ | $ | $ | $ | |||||||
$ | |||||||||||
21 | $ | $ | $ | $ | |||||||
$ | |||||||||||
25 | $ | $ | $ | $ | |||||||
$ | |||||||||||
Balances | $ | $ |
Cost of goods sold | $ |
Ending Inventory | $ |
(b) Last-in, first-out
Purchases | Cost of Goods Sold | Inventory | |||||||||
Date | Qty | Unit Cost | Total Cost | Qty | Unit Cost | Total Cost | Qty | Unit Cost | Total Cost | ||
Mar. 3 | $ | $ | |||||||||
11 | $ | $ | $ | $ | |||||||
$ | |||||||||||
14 | $ | $ | $ | $ | |||||||
$ | |||||||||||
21 | $ | $ | $ | $ | |||||||
$ | |||||||||||
25 | $ | $ | $ | $ | |||||||
$ | |||||||||||
Balances | $ | $ |
Cost of goods sold | $ |
Ending Inventory | $ |
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