FIFO

Cost per Units purchased Total Cost Units Sold Selling Price Total Sales of Purchase unit per unit 440 $12 $5,280 350 $40 $14,000 Date Jan. 1 Beginning inventory Jan. 11 Sales Jan. 15 Purchase Jan. 17 Sales Jan. 21 Purchase Jan. 23 Sales Totals 660 14 9,240 530 $40 21,200 710 16 11,360 $40 1,810 640 1,520 $25,880 25,600 $60,800 Cost of Goods Sold - Perpetual FIFO: Units Sold @ @ Cost per Cost of Goods Sold unit 350 units a Calculate cost of goods sold for the January 11 sale of 350 units Calculate cost of goods sold for the January 17 sale of 530 units $4,200 units @ units @ $12 $12 $14 per unit per unit per unit $16 Total Cost of Goods Sold for January - 1,520 units Ending Inventory - Perpetual FIFO: Cost per Units in Ending Inventory Inventory Balance unit Cost of Goods Sold - Perpetual FIFO: Units Sold @ Cost per unit Cost of Goods Sold Calculate cost of goods sold for the January 11 sale of 350 units. Calculate cost of goods sold for the January 17 sale of 530 units. 350 $4,200 units @ units @ units @ $12 per unit = $12 per unit = $14 per unit = $16 Total Cost of Goods Sold for January - 1,520 units Ending Inventory - Perpetual FIFO: Units in Ending Inventory Cost per unit Inventory Balance Total Ending Inventory for January - 290 units