Perpetual inventory using FIFO

The following units of a particular item were available for sale during the calendar year:

Jan. 1		Inventory	4,300 units at $42
Apr. 19		Sale	2,100 units
June 30		Purchase	4,300 units at $45
Sept. 2		Sale	5,700 units
Nov. 15		Purchase	2,500 units at $48

This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below.

Open spreadsheet

The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present the data in the form illustrated 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. Round your answers for quantity values to the nearest whole number, for unit cost values to the nearest cent, and for total cost values to the nearest dollar.

Schedule of Cost of Goods Sold FIFO Method
	Purchases			Cost of Goods Sold			Inventory
Date	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost
Jan. 1
Apr. 19
June 30
Sept. 2
Nov. 15
Dec. 31	Balances