Open spreadsheet
The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance assuming the firstin firstout method. Present the data in the form illustrated in Exhibit Under FIFO, if units are in inven costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cc
Schedule of Cost of Goods Sold
FIFO Method
tableCost ofCost of Cost ofDatePurchases,Purchases,Purchases,Goods Sold,Goods Sold,Goods SoldQuantityUnit Cost,Fotal Cost,Quantity,Unit Cost,Total Cost,
Jan.
Apr.
June
Sept.
Nov.
Dec.
Balances
Perpetual inventory using FIFO
The following units of a particular item were available for sale during the calendar year:
tableJanInventory, units at $
