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Blue Inc is trying to determine whether to use the FIFO or average cost formula The accounting records show the following selected inventory information: Cost
Blue Inc is trying to determine whether to use the FIFO or average cost formula The accounting records show the following selected inventory information: Cost of Goods Sold Units Cost Total Date Oct 2 15 Units 9.000 15.000 Purchases Cost Total $13 $117.000 17 255.000 Units 9,000 Ending Inventory Cost Total $13 $117,000 [2] (4) 151 131 29 22,400 161 [8] 17) 191 1101 (11) (12) [13] The company accountant has prepared the following partial statement of income to help management understand the financial statement impact of each cost determination cost formula FIFO $558,000 Average $558,000 Sales Cost of goods sold Gross profit Operating expenses Income before income tax Income tax expense (30%) Net income 202.000 202.000 ho Fill in the missing amounts in the perpetual inventory schedule, assuming the use of the FIFO cost formula. Purchases Cost Total Cost of Goods Sold Cost Units Units Total Date Oct 2 9.000 $13 $117.000 15 15,000 17 255,000 29 22,400 (total units sold) $ $
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