Start by entering the beginning inventory balances. Enter the transaction in chr
ID: 2402364 • Letter: S
Question
Start by entering the beginning inventory balances. Enter the transaction in chronological order . calculating new inventory on hand balances after each transaction once all the transactions have been entered into the perpetual record calculate the quantity and total cost of merchandise inventory purchased sold and on hand at the end of the period (enter the oldest inventory layers first )
Steel It begant August with 50 units of iron inventory that cost $35 each. During August?,
the company completed the following inventory? transactions
Sold Unit Total Unit 21Explanation / Answer
STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL FIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Aug 50 35 1750 3-Aug 45 35 1575 5 35 175 8-Aug 90 54 4860 5 35 175 90 54 4860 21-Aug 5 35 175 80 54 4320 10 54 540 30-Aug 15 58 870 10 54 540 15 58 870 TOTAL 105 5730 130 6070 25 1410 STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL LIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Aug 50 35 1750 3-Aug 45 35 1575 5 35 175 8-Aug 90 54 4860 5 35 175 90 54 4860 21-Aug 85 54 4590 5 35 175 5 54 270 30-Aug 15 58 870 5 35 175 5 54 270 15 58 870 TOTAL 105 5730 130 6165 25 1315 STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL WEIGHTED AVERAGE METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Aug 50 35 1750 3-Aug 45 35 1575 5 35 175 8-Aug 90 54 4860 5 35 175 90 54 4860 Average 95 53 5035 21-Aug 85 53 4505 10 53 530 30-Aug 15 58 870 10 53 530 15 58 870 Average 25 56 1400 TOTAL 105 5730 130 6080 25 56 1400 Req 4 COGS FIFO 6070 LIFO 6165 Average 6080 Req 5: FIFO LIFO Average Sales 11305 11305 11305 Less: COGS 6070 6165 6080 Gross margin 5235 5140 5225 Req 6. FIFO shall be applied to maximize the gross profit.
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