Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows:...
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Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 3,000 units at $30 May 10 1,500 units at $32 May 12 2,100 units 20 1,350 units at $34 14 1,800 units 31 900 units Assume that the business maintains a perpetual inventory system, casting by the first-in, first-out method. Determine the cost of merchandise sold for 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 and in the Inventory Unit Cost column. Schedule of Cost of Merchandise Sold FIFO Method Prepaid Cell Phones Cost of Cost of Cost of Merchandise Merchandise Merchandise Purchases Purchases Sold Sold Quantity Inventory Inventory Unit Sold Total Inventory Unit Total Purchased Quantity Date Total Cost Cost Unit Cost Cost Quantity May 1 Cost Cost May 10 May 12 May 14 [ 0 1 01111 01 0 II II 1011 III IV May 20 o 881 May 31 s May 31 Balances
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