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I have a question On FIFO Units Unit Cost $51 July Beginning Inventory 3,100 July 5 Sold July 13 Purchased July 17 Sold July 25
I have a question On FIFO
Units Unit Cost $51 July Beginning Inventory 3,100 July 5 Sold July 13 Purchased July 17 Sold July 25 Purchased July 27 Sold 1,550 7,100 4.100 9,100 6,100 61 Calculate the cost of ending inventory and cost of goods sold assuming a perpetual inventory system is used in combination with (a) FIFO and (b) LIFO (a) FIFO O (Perpetual) Units Cost per Total Unit Beginning Inventory 3,100 $ 51.00$158,100 Purchases July 13 July 25 7,100 55.00 9,100 61.00 Total Purchases 945,600 Goods Available for Sale 1,103,700 Cost of Goods Sold Units from Beginning Inventory Units from July 13 Purchase Units from July 25 Purchase Total Cost of Goods Sold 3,100 51.00 7,100 $ 55.00 S 61.00 548,600 Ending InventoryStep by Step Solution
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