Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units sold Cost Cost of Goods Sold Cost Cost # of units # of units Inventory Balance per unit per unit per unit January 1 200 at $12.50 = $ 2,500.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals

Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units sold Cost Cost of Goods Sold Cost Cost # of units # of units Inventory Balance per unit per unit per unit January 1 200 at $12.50 = $ 2,500.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section20.2: Determining The Cost Of Merchandise Inventory

Problem 1OYO

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