(%) 35-3 (similar to) Question Help Keira\'s Sports uses the FIFO inventory meth
ID: 2337908 • Letter: #
Question
(%) 35-3 (similar to) Question Help Keira's Sports uses the FIFO inventory method. Keira's Sports started May with 6 helmets that cost S56 each. On May 19, Keira's Sports bought 15 helmets at $57 each. On May 28, Keira's Sports sold 11 helmets. Prepare a perpetual inventory record for Keira's Sports. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) FIFO: Purchases Cost of goods soldInventory on hand Unit Total Date Qty CostCostQty Cost CostQty Cost Cost Unit Total Unit Total May 6 $ 56 S 336 19 15 $ 57 S 855Explanation / Answer
purchase
cost of goods sold
inventory on hand
quantity
unit cost
total cost
quantity
unit cost
total cost
quantity
unit cost
total cost
1-May
6
56
336
19-May
15
57
855
15
57
855
total inventory in hand after purchase
21
1191
28-May
11
(6*56)+(5*57)
621
11
621
total inventory in hand after sales
10
57
570
purchase
cost of goods sold
inventory on hand
quantity
unit cost
total cost
quantity
unit cost
total cost
quantity
unit cost
total cost
1-May
6
56
336
19-May
15
57
855
15
57
855
total inventory in hand after purchase
21
1191
28-May
11
(6*56)+(5*57)
621
11
621
total inventory in hand after sales
10
57
570
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.