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Perpetual inventory using FIFO The following units of a particular item were available for sale during the calendar year: Date Line Item Description Values Jan.
Perpetual inventory using FIFO
The following units of a particular item were available for sale during the calendar year:
Date | Line Item Description | Values |
---|---|---|
Jan. 1 | Inventory | 4,100 units at $41 |
Apr. 19 | Sale | 2,900 units |
June 30 | Purchase | 4,200 units at $43 |
Sept. 2 | Sale | 4,900 units |
Nov. 15 | Purchase | 2,200 units at $46 |
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.
Date | Purchases Quantity | Purchases Unit Cost | Purchases Total Cost | Cost of Goods Sold Quantity | Cost of Goods Sold Unit Cost | Cost of Goods Sold Total Cost | Inventory Quantity | Inventory Unit Cost | Inventory Total Cost |
---|---|---|---|---|---|---|---|---|---|
Jan. 1 | |||||||||
Apr. 19 | |||||||||
June 30 | |||||||||
June 30 | |||||||||
Sept. 2 | |||||||||
Sept. 2 | |||||||||
Nov. 15 | |||||||||
Nov. 15 | |||||||||
Dec. 31 | Balances |
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