Iron Hill

Iron hill began August with 45 units of iron inventory that cost $24 each. During August, the company completed the following inventory transactions:

Units

Unit Cost

Unit Sales Price

Aug. 3

Sale

35

$63

Aug. 8

Purchase

70

$32

Aug. 21

Sale

65

77

Aug. 30

Purchase

25

47

Part 1

Requirement 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method.

Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.)

	Purchases			Cost of Goods Sold			Inventory on Hand
		Unit	Total		Unit	Total		Unit	Total
Date	Quantity	Cost	Cost	Quantity	Cost	Cost	Quantity	Cost	Cost
Aug. 1
3
8
21
30
Totals