Calculating FIFO Inventory Values The Mann Corporation began operations in 2015 Information relating to the companys purchases of inventory and sales of products for 2015 and 2016 is presented below 2015 January 1 Purchase 200 units $10 per unit April 1 Sold 120 units $25 per unit July 1 Purchase 100 units $14 per unit September 1 Sold 130 units $25 per unit 2016 January 1 Purchase 100 units $16 per unit April 1 Sold 80 units $30 per unit July 1 Purchase 100 units $18 per unit September 1 Sold 100 units $35 per unit Calculate the FIFO cost of goods sold and ending inventory for 2015 and 2016 assuming use of (a) the periodic method and (b) the perpetual method a FIFO Periodic Round to nearest whole number 2015 Cost of goods sold $ Ending inventory $ 2016 Cost of goods sold $ Ending inventory $ b FIFO Perpetual Round to nearest whole number 2015 Cost of goods sold $ Ending inventory $ 2016 Cost of goods sold $ Ending inventory $ Calculating FIFO Inventory Values The Mann Corporation began operations in 2015 Information relating to the company's purchases of inventory and sales of products for 2015 and 2016 is presented below 2015 Purchase 200 units $10 per unit January 1 120 units $25 per unit Sold April 1 Purchase 100 units $14 per unit July 1 130 units $25 per unit September 1 Sold 2016 Purchase 100 units $16 per unit January 1 80 units $30 per unit Sold April 1 Purchase 100 units $18 per unit July 1 $35 per unit Sold 100 units September 1 Calculate the FIFO cost of goods sold and ending inventory for 2015 and 2016 assuming use of (a) the periodic method and (b) the perpetual method a FIFO Periodic Round to nearest whole number 2015 Cost of goods sold $ 2,700 Ending inventory $ 700 2016 X Cost of goods sold $ 3,080 X Ending inventory $ 820 b FIFO Perpetual Round to nearest whole number 2015 Cost of goods sold $ 2,700 Ending inventory $ 700 2016 Cost of goods sold $ 3,080 Ending inventory $ 820 X

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Calculating FIFO Inventory Values The Mann Corporation began operations in 2015. Information relating to the companys purchases of inventory and sales of products for 2015

Calculating FIFO Inventory Values

The Mann Corporation began operations in 2015. Information relating to the companys purchases of inventory and sales of products for 2015 and 2016 is presented below.

2015
January 1	Purchase	200	units	@	$10	per unit
April 1	Sold	120	units	@	$25	per unit
July 1	Purchase	100	units	@	$14	per unit
September 1	Sold	130	units	@	$25	per unit

2016
January 1	Purchase	100	units	@	$16	per unit
April 1	Sold	80	units	@	$30	per unit
July 1	Purchase	100	units	@	$18	per unit
September 1	Sold	100	units	@	$35	per unit

Calculate the FIFO cost of goods sold and ending inventory for 2015 and 2016 assuming use of (a) the periodic method and (b) the perpetual method.

a. FIFO Periodic. Round to nearest whole number.

2015
Cost of goods sold	$
Ending inventory	$

2016
Cost of goods sold	$
Ending inventory	$

b. FIFO Perpetual. Round to nearest whole number.

2015
Cost of goods sold	$
Ending inventory	$

2016
Cost of goods sold	$
Ending inventory	$

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Calculating FIFO Inventory Values The Mann Corporation began operations in 2015. Information relating to the company's purchases of inventory and sales of products for 2015 and 2016 is presented below. 2015 Purchase 200 units @ $10 per unit January 1 120 units @ $25 per unit Sold April 1 Purchase 100 units @ $14 per unit July 1 130 units @ $25 per unit September 1 Sold 2016 Purchase 100 units @ $16 per unit January 1 80 units @ $30 per unit Sold April 1 Purchase 100 units @ $18 per unit July 1 @ $35 per unit Sold 100 units September 1 Calculate the FIFO cost of goods sold and ending inventory for 2015 and 2016 assuming use of (a) the periodic method and (b) the perpetual method. a. FIFO Periodic. Round to nearest whole number. 2015 Cost of goods sold $ 2,700 Ending inventory $ 700 2016 X Cost of goods sold $ 3,080 X Ending inventory $ 820 b.FIFO Perpetual. Round to nearest whole number. 2015 Cost of goods sold $ 2,700 Ending inventory $ 700 2016 Cost of goods sold $ 3,080 Ending inventory $ 820 X