FIFO Perpetual Inventory The beginning inventory of merchandise at Keats Office
ID: 2403709 • Letter: F
Question
FIFO Perpetual Inventory The beginning inventory of merchandise at Keats Office Supplies and data on purchases and sales for a three-month period ending May 31, 2016, are as follows: Date Number Per Unit Transaction of Units 42 84 56 35 70 42 21 70 $25,200 60,480 112,000 70,000 56,000 84,000 42,000 61,600 88,200 117,600 120,960 132,300 March 1 Inventory $600 720 2,000 2,000 800 2,000 2,000 880 2,100 2,100 960 2,100 10 Purchase 28 Sale 30 Sale April 5 Purchase 10 Sale 16 Sale 28 Purchase May 5 Sale 14 Sale 25 Purchase 30 Sale 56 126 63Explanation / 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-Mar 42 600 25200 10-Mar 84 720 60480 42 600 25200 84 720 60480 28-Mar 42 600 2520 14 720 10080 70 720 50400 30-Mar 35 720 25200 35 720 25200 5-Apr 70 800 56000 35 720 25200 70 800 56000 10-Apr 35 720 25200 7 800 5600 63 800 50400 16-Apr 21 800 16800 42 800 33600 28-Apr 70 880 61600 42 800 33600 70 880 61600 5-May 42 800 33600 70 880 61600 14-May 56 880 49280 14 880 12320 25-May 126 960 120960 14 880 12320 126 960 120960 30-May 14 880 12320 49 960 47040 77 960 73920 TOTAL 350 299040 315 227640 77 960 73920
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