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Please include all boxes answered, cannot figure out how to do this at all any help will be great thanks! Perpetual Inventory Using FIFO Beginning
Please include all boxes answered, cannot figure out how to do this at all any help will be great thanks!
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 3,800 units at $20 May 10 1,900 units at $22 May 12 2,660 units May 20 1,710 units at $24 May 14 2,200 units May 31 1,140 units Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of merchandise sold for each sale and the 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 units with the LOWER unit cost first in the cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Schedule of Cost of Merchandise Sold FIFO Method Prepaid Cell Phones Purchases Purchases Unit Purchases Total Cost of Merchandise Sold Date Cost of Merchandise Sold Cost of Merchandise Sold Tnventory Inventory Unit Inventory Total Quantity Cost Quantity Unit Cost Total Cost Quantity Cost Cost May 1 May 1.30 41. 10 Cost May 12 0 000 1000001 May 14 0 000 0000 May 20 1.710 24 41,040 May 31 10 10 000 May 31 Balances Previous All work saved Emainstructor Subm Test for Grading MacBoc Step by Step Solution
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