PLEASE SHOW ALL THE WORK FOR FULL CREDIT ! Metro Computer Company had the follow

Question

PLEASE SHOW ALL THE WORK FOR FULL CREDIT !

Metro Computer Company had the following balance and transactions during 2014. What would the Inventory amount be as reported on the balance sheet at December 31. 2014 if the perpetual First-In. First-Out costing method is used? (Answers are rounded to the nearest dollar) Martin Sales had a Beginning inventory balance of $120 made up of 10 units purchased for $12 00 per unit Early in the month, they purchased 16 units at S10 00 per unit Later that month, they sold 15 units Martin uses a perpetual inventory system, and applies FIFO How much is the Cost of goods sold for the month? Martin Sales had a Beginning inventory balance of $120 made up of 10 units purchased for $12 00 per unit Early in the month, they purchased 16 units at $10 00 per unit Later that month, they sold 15 units Martin uses a perpetual inventory system, and applies FIFO How much is the Ending inventory balance?

Explanation / Answer

1. Using FIFO Method:- 100*80=8000 Ans B 2. COGS= (10*12)+(5*10)=170 Ans D 3. Inventory left is 11 units. Cost of inventory=11*10=110 Ans C

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