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please need help with this just fill out the each empty boxes Thank You Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for
please need help with this just fill out the each empty boxes Thank You
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 3,100 units at $33 May 10 1,550 units at $35 May 12 2,170 units May 20 1,395 units at $37 May 14 1,860 units May 31 930 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 Cost of Merchandise Sold Unit Cost Date Purchases Quantity Purchases Unit Cost Purchases Total Cost Cost of Merchandise Sold Quantity Cost of Merchandise Sold Total Cost Inventory Quantity Inventory Unit Cast Inventory Total Cost May 1 May 10 o May 12 100001 100 May 14 May 20 a May Previous NextStep by Step Solution
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