Q (2) Perpetual Inventory UsingFIFO
Chrome File Edit View History Bookmarks People Tab Window Help 4 Fri 1:22 PM Q DE ... CengageNOWv2 | Online teach x exhibit3.jpg (755x398) X Homework Help - Q&A from Or X + C a college.cengage.com/geyser/warren_9781337902687/images/ch07/exhibit3.jpg Paused Update : Entries and Perpetual Inventory Account (FIFO) EXHIBIT 3 Jan. 4 Accounts Receivable 21,000 tem 127B Sales 21,000 4 Cost of Merchandise Sold 14,000 Cost of Purchases Merchandise Inventory 14,000 Merchandise Sold Inventory Unit Tota Unit Total Unit Total 10 Merchandise Inventory 11,200 Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Accounts Payable 11,200 an. 1 1,000 20.00 20,000 700 20.00 14,000 300 20.00 6,000 22 Accounts Receivable 10 800 10 500 22.40 11,200 300 20.00 6,000 Sales 10,800 500 22.40 11,200 22 Cost of Merchandise Sold 7,344 22 300 20.00 6,000 Merchandise Inventory 7,344 60 22.40 1.344 440 22.40 9,856 28 240 22.40 5,376 200 22.40 4,480 28 Accounts Receivable 7,200 30 600 23.30 13,980 200 22.40 4,480 Sales 7,200 600 23.30 13,980 28 Cost of Merchandise Sold 5,376 31 Balances 26,720 18,460 Merchandise Inventory 5,376 30 Merchandise Inventory 13,980 Cost of January 31 Accounts Payable 13,980 merchandise inventory sold W XChrome File Edit View History Bookmarks People Tab Window Help 4 Fri 1:24 PM Q DE ... CengageNOWv2 | Online teach x exhibit3.jpg (755x398) X Homework Help - Q&A from Or x + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Paused Update : Chapter 7 Homework eBook O Perpetual Inventory Using FIFO ? The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $20 Apr. 19 Sale 2,500 units June 30 Purchase 6,000 units at $24 Sept. 2 Sale 4,500 units Nov. 15 Purchase 1,000 units at $25 The firm maintains a perpetual inventory system. Determine the cost of merchandise 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 Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Schedule of Cost of Merchandise Sold FIFO Method Purchases Cost of Merchandise Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 $ $ Apr. 19 $ $ June 30 A Sept. 2 Previous Next Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for Grading 4 itv WChrome File Edit View History Bookmarks People Tab Window Help 4 Fri 1:25 PM Q DE ... CengageNOWv2 | Online teach x Homework Help - Q&A from Or x + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Paused Update : Chapter 7 Homework eBook O June 30 Purchase 6,000 units at $24 ? Sept. 2 Sale 4,500 units Nov. 15 Purchase 1,000 units at $25 The firm maintains a perpetual inventory system. Determine the cost of merchandise 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 Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Schedule of Cost of Merchandise Sold FIFO Method Purchases Cost of Merchandise 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 Previous Next Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for Grading 4 city W
