Calculating FIFO Inventory Values The Mann Corporation began operations in 2011 Information relating to the company's purchases of inventory and sales of products for 2011 and 2012 is presented below 2011 January 1 Purchase 200 units $80 per unit April 1 Sold 120 units $200 per unit July 1 Purchase 100 units $112 per unit September 1 Sold 130 units $200 per unit 2012 January 1 Purchase 100 units $128 per unit April 1 Sold 80 units $240 per unit July 1 Purchase 100 units $144 per unit September 1 Sold 100 units $280 per unit Calculate the FIFO cost of goods sold and ending inventory for 2011 and 2012 assuming use of (a) the periodic method and (b) the perpetual method a FIFO Periodic Round to nearest whole number 2011 Cost of goods sold $Answer Ending inventory $Answer 2012 Cost of goods sold $Answer Ending inventory $Answer b FIFO Perpetual Round to nearest whole number 2011 Cost of goods sold $Answer Ending inventory $Answer 2012 Cost of goods sold $Answer Ending inventory $Answer

Question

Calculating FIFO Inventory Values  The Mann Corporation began operations in 2011  Information relating to the company's purchases of inventory and sales of products for 2011 and 2012 is presented below  2011 January 1 Purchase 200 units   $80 per unit April 1 Sold 120 units   $200 per unit July 1 Purchase 100 units   $112 per unit September 1 Sold 130 units   $200 per unit 2012 January 1 Purchase 100 units   $128 per unit April 1 Sold 80 units   $240 per unit July 1 Purchase 100 units   $144 per unit September 1 Sold 100 units   $280 per unit Calculate the FIFO cost of goods sold and ending inventory for 2011 and 2012 assuming use of (a) the periodic method and (b) the perpetual method  a  FIFO Periodic  Round to nearest whole number  2011 Cost of goods sold $Answer Ending inventory $Answer 2012 Cost of goods sold $Answer Ending inventory $Answer b  FIFO Perpetual  Round to nearest whole number  2011 Cost of goods sold $Answer Ending inventory $Answer 2012 Cost of goods sold $Answer Ending inventory $Answer

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Question

Calculating FIFO Inventory Values. The Mann Corporation began operations in 2011. Information relating to the company's purchases of inventory and sales of products for 2011

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2011
January 1	Purchase	200	units	@	$80	per unit
April 1	Sold	120	units	@	$200	per unit
July 1	Purchase	100	units	@	$112	per unit
September 1	Sold	130	units	@	$200	per unit