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Recording in the Accounting System The cost of merchandise sold and merchandise inventory...

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Accounting

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Recording in the Accounting System The cost of merchandise sold and merchandise inventory is determined from the inventory cost flow assumption. To illustrate, beginning inventory, purchases and sales of shoes are shown below for Grant Co., using a perpetual inventory system. In the table below, fill in the March 24 quantity, unit cost, and total cost in the spaces provided for determining Cost of Merchandise Sold (COMS) and Merchandise Inventory under the FIFO cost flow assumption, assuming 31 shoes are sold on March 24. Determine the COMS and Merchandise inventory final balances. If units are in inventory or are listed under cost of merchandise sold at two different costs, enter the units that were purchased earliest first. Purchases FIFO Cost Flow Assumption Cost of Merchandise Sold Merchandise Inventory Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 26 36 936 Date Quantity Unit Cost Total Cost Mar. 1 26 36 936 7 20 36 720 6 36 216 11 36 46 1656 6 36 216 36 46 1656 24 31 Balances

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