The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 3,800 units at $40 Apr. 19 Sale 2,600 units June 30 Purchase 4,500 units at $44 Sept. 2 Sale 4,800 units Nov. 15 Purchase 1,800 units at $48 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 llustrated 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 colu Schedule of Cost of Goods Sold FIFO Method Cost of Goods Sold Inventory Purchases Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Date Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Balances

The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 3,800 units at $40 Apr. 19 Sale 2,600 units June 30 Purchase 4,500 units at $44 Sept. 2 Sale 4,800 units Nov. 15 Purchase 1,800 units at $48 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 llustrated 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 colu Schedule of Cost of Goods Sold FIFO Method Cost of Goods Sold Inventory Purchases Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Date Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Balances

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Description: The following units of a particular item were available for sale during the calendar year:Jan. 1Inventory3,800 units at $40Apr. 19Sale2,600 unitsJune 30Purchase4,500 units at $44Sept. 2Sale4,800 unitsNov. 15Purchase1,800 units at $48The firm maintai

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...

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