Question
Calculate the cost of goods sold and ending inventory using FIFO. (HINT: Use two rows to show your cost of goods sold calculation in layers)
Calculate the cost of goods sold and ending inventory using FIFO. (HINT: Use two rows to show your cost of goods sold calculation in layers)
|
| Purchases |
| Cost of Goods Sold |
| Inventory Balance | ||||||||||||
Date |
| Units |
| Cost |
| Total |
| Units |
| Cost |
| Total |
| Units |
| Cost |
| Total |
Apr-01 |
| Beginning Inventory |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
| 30 |
| $13 |
| $390 |
|
|
|
|
|
|
| 30 |
| $13 |
| $390 |
Apr-15 |
| 51 |
| $15 |
| $765 |
|
|
|
|
|
|
| 30 |
| $13 |
| 390 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ |
| $ |
Apr-20 |
|
|
|
|
|
|
| 30 |
| $ |
| $ |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2 |
| $ |
| $ |
|
|
| $ |
| $ |
Apr-23 |
| 46 |
| $16 |
| $736 |
|
|
|
|
|
|
|
|
| $ |
| $ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ |
| $ |
Apr-28 |
|
|
|
|
|
|
| 49 |
| $ |
| $ |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 5 |
| $ |
| $ |
| 41 |
| $ |
| $ |
|
| 127 |
|
|
| $1,891 |
| 86 |
|
|
| $ |
|
|
|
|
|
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started