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Inventory Costing: FIFO
Refer to the information for Filimonov Inc. and assume that the company uses a perpetual inventory system.
Required:
Calculate the cost of goods sold and the cost of ending inventory using the FIFO inventory costing method.
Concept introduction:
Perpetual Inventory System:
The perpetual inventory system records and updates the inventory after each and every transaction. The inventory balance is updated after each transaction and it is kept up to date at every time.
FIFO method:
FIFO Stands for First in First Out. Under this method, the units purchased first are assumed to be sold first and cost of goods sold is calculated accordingly. The ending inventory in the method includes the latest units purchased.
To calculate:
The cost of goods sold and ending inventory using the Perpetual FIFO inventory costing method.
The cost of goods sold and ending inventory using the Perpetual FIFO inventory costing method is calculated as follows:
| Filimonov Inc. | |||||||||
| Perpetual Inventory Record-FIFO | |||||||||
| For the quarter ending on Dec. 31, 2018 | |||||||||
| Desk Lamps | |||||||||
| Purchases | Cost of Goods Sold | Inventory Balance | |||||||
| Date | Unit | Rate | Total Cost | Unit | Rate | Total Cost | Unit | Rate | Total Cost |
| June. 1 | 200 | $ 10 | $ 2,000 | ||||||
| June. 9 | 300 | $ 12 | $ 3,600 | 200 | $ 10 | $ 2,000 | |||
| 300 | $ 12 | $ 3,600 | |||||||
| June... | |||||||||
Chapter 6 Solutions
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