Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are a

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Perpetual Inventory Using Fifo Beginning Inventory Purchases And Sales Data For Prepaid Cell Phones For December Are A 1 (28 KiB) Viewed 20 times

Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Dec. 10 Dec. 1 Sales Dec. 12 Dec. 14 Dec, 20 Dec. 31 Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting 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. Date Dec. 1 Dec. 10 Dec. 12 Dec. 120 units at $27 Purchases Quantity Purchases Unit Cost 60 units at $29 54 units at $31 54 units Purchases Total Cost of Goods Sold Cost Quantity 72 units 36 units Schedule of Cost of Goods Sold FIFO Method Prepaid Cell Phones Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost 1100000 Inventory Quantity Inventory Unit Cost Inventory Total 949 AM