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eBookShow Me How Question Content Area Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows:
eBookShow Me How
Question Content Area
Perpetual inventory using FIFO
Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows:
Inventory
Date Units and Cost
Dec. units at $
Purchases
Date Units and Cost
Dec. units at $
units at $
Sales
Date Units
Dec. units
units
units
Assume that the business maintains a perpetual inventory system, costing by the firstin firstout method. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column.
FIFO Method
Prepaid Cell Phones
Date
Purchases
Quantity
Purchases
Unit Cost
Purchases
Total Cost Cost of
Goods Sold
Quantity Cost of
Goods Sold
Unit Cost Cost of
Goods Sold
Total Cost
Inventory
Quantity
Inventory
Unit Cost
Inventory
Total Cost
Dec. Dec.
Dec.
Dec.
Dec. Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
fill in the blank
fill in the blank
fill in the blank
Dec. Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
fill in the blank
fill in the blank
fill in the blank
Dec. Dec.
Dec.
Dec.
fill in the blank
fill in the blank
fill in the blank
fill in the blank
fill in the blank
fill in the blank
Dec. Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
fill in the blank
fill in the blank
fill in the blank
Dec. Dec.
Dec.
Dec.
fill in the blank
fill in the blank
fill in the blank
fill in the blank
fill in the blank
fill in the blank
Dec. Balances Dec.
Dec.
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