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Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for July are as follows: Inventory Purchases Sales July 1 4,100
Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales data for prepaid cell phones for July are as follows:
| Inventory | Purchases | Sales | |||
|---|---|---|---|---|---|
| July 1 | 4,100 units at $26 | July 10 | 2,050 units at $28 | July 12 | 2,870 units |
| July 20 | 1,845 units at $30 | July 14 | 2,460 units | ||
| July 31 | 1,230 units |
Assuming that the perpetual inventory system is used, costing by the FIFO method, determine the cost of the merchandise sold for each sale and the inventory balance after each sale.
| Schedule of Cost of Merchandise Sold | |||||||||
| FIFO Method | |||||||||
| Prepaid Cell Phones | |||||||||
| Date | Purchases Quantity | Purchases Unit Cost | Purchases Total Cost | Cost of Merchandise Sold Quantity | Cost of Merchandise Sold Unit Cost | Cost of Merchandise Sold Total Cost | Inventory Quantity | Inventory Unit Cost | Inventory Total Cost |
| July 1 | 4100 | $26 | $106600 | ||||||
| July 10 | $ | $ | |||||||
| July 12 | $ | $ | |||||||
| July 14 | |||||||||
| July 20 | |||||||||
| July 31 | |||||||||
| July 31 | Balances | $ | $ | ||||||
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