Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dec. 1 220

image text in transcribed
image text in transcribed
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dec. 1 220 units at $35 Dec. 10 110 units at $37 Dec. 12 154 units Dec. 20 99 units at $39 Dec. 14 132 units Dec. 31 66 units Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of goods sold for each sale and the Inventory balance after each sale, presenting the data in the form ilustrated in Exhibit 3. 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. Schedule of Cost of Goods Sold FIFO Method Prepaid Cell Phones Cost of Cost of Cost of Purchases Purchases Purchases Goods Sold Goods Sold Goods Sold Inventory Inventory Inventory Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Date Dec. 1 Dec. 10 Dec 12 Dec. 14 - a Assume that the business maintains a perpetual Inventory system, costing by the first-in, first-out method. Determine the cost of goods sold for each sale anu Inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the the LOWER unit cost first in the cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Schedule of Cost of Goods Sold FIFO Method Prepaid Cell Phones Cost of Cost of Cost of Purchases Purchases Purchases Goods Sold Goods Sold Goods Sold Inventory Inventory Inventory Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Date Dec. 1 Dec. 10 Dec. 12 Dec. 14 Dec. 20 0 Dec. 31 29 I m Dec. 31 Balances

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting For Managerial Planning Decision Making And Control

Authors: Woody Liao, Andrew Schiff, Stacy Kline

6th Edition

1516551702, 9781516551705

More Books

Students also viewed these Accounting questions