80.2K

Verified Solution

Link Copied!

Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows:

Inventory		Purchases		Sales
May 1	4,200 units at $40	May 10	2,100 units at $42	May 12	2,940 units
		May 20	1,890 units at $44	May 14	2,520 units
				May 31	1,260 units

Purchases Quantity	Purchases Unit Cost	Purchases Total Cost	Cost of Merchandise Sold Quantity	Cost of Merchandise Sold Unit Cost	Cost of Merchandise Sold Total Cost	Inventory Quantity	Inventory Unit Cost	Inventory Total Cost
May 1							fill in the blank 1	$fill in the blank 2
May 10	fill in the blank 4	$fill in the blank 5	$fill in the blank 6				fill in the blank 7	fill in the blank 8
							fill in the blank 10	fill in the blank 11
May 12				fill in the blank 13	$fill in the blank 14	$fill in the blank 15	fill in the blank 16	fill in the blank 17
							fill in the blank 19	fill in the blank 20
May 14				fill in the blank 22	fill in the blank 23	fill in the blank 24
				fill in the blank 25	fill in the blank 26	fill in the blank 27	fill in the blank 28	fill in the blank 29
May 20	fill in the blank 31	fill in the blank 32	fill in the blank 33				fill in the blank 34	fill in the blank 35
							fill in the blank 37	fill in the blank 38
May 31				fill in the blank 40	fill in the blank 41	fill in the blank 42
				fill in the blank 43	fill in the blank 44	fill in the blank 45	fill in the blank 46	fill in the blank 47
May 31	Balances

Answer & Explanation Solved by verified expert

See Answer