The following units of a particular item were available for sale during the calendar year:...
60.1K
Verified Solution
Link Copied!
Question
Accounting
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 goods 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 Goods Sold Unit Cost column and in the Inventory Unit Cost column. Schedule of Cost of Goods Sold Purchases FIFO Method Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit CostTotal Cost Quantity Unit CostTotal Cost Jan. 1 Apr. 19 June 30 000 24 $144,000$ Sept. 2 Nov. 15 Dec. 31 Balances this V4000 20 $80,000$ 2500 20$ spoots 209 20 60,000 20 20 13.8 ont t
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
