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Apter 6 Quiz eBook Show Me How Calculator Perpetual Inventory Using FIFO Beginning inventory, purchases, and...

Question:

apter 6 Quiz eBook Show Me How Calculator Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Dec. 1 Purchases Dec. 10 Dec. 20 Sales Dec. 1284 units Dec. 1472 units Dec. 3136 units 120 units at $35 60 units at $37 54 units at $39 Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of balance after each sale, presenting the data in the form ilustrated in Exhibit 3. Under FIFO, if units are in inventory at two differe cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Schedule of Cost of Goods Sold FIFO Method Purchases Unit Cost Purchases Total Cost Cost of Goods Sold Quantity Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost
cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Inventory Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Cost Cost
apter 6 Quiz eBook Show Me How Calculator Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Dec. 1 Purchases Dec. 10 Dec. 20 Sales Dec. 1284 units Dec. 1472 units Dec. 3136 units 120 units at $35 60 units at $37 54 units at $39 Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of balance after each sale, presenting the data in the form ilustrated in Exhibit 3. Under FIFO, if units are in inventory at two differe cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Schedule of Cost of Goods Sold FIFO Method Purchases Unit Cost Purchases Total Cost Cost of Goods Sold Quantity Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost
cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Inventory Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Cost Cost

Answers

Date Purchases qty Unit cost Total cost COGS qty Unit cost Total COGS Inventory Qty Unit cost Total
Dec.1           120              35        4,200
Dec.10             60             37        2,220           120              35        4,200
             60              37        2,220
Dec.12             84             35        2,940              36              35        1,260
             60              37        2,220
Dec.14             36             35        1,260
            36             37        1,332              24              37            888
Dec.20             54             39        2,106              24              37            888
             54              39        2,106
Dec.31             24             37           888
            12             39           468              42              39        1,638
.

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