3. Beginning inventory, purchases, and sales data for hammers are as follows:? M
ID: 2523217 • Letter: 3
Question
3. Beginning inventory, purchases, and sales data for hammers are as follows:?
Mar. 3
Inventory
12 units at $15
11 .
Purchase
13units at $17
14
Sale
18 units
21
Purchase
9 units at $20
25
Sale
10 units
? Assuming the business maintains a perpetual inventory system, complete the inventory cards and calculate the cost of merchandise sold and ending inventory using the first-in, first-out inventory assumption.??
FIFO ?
Mar. 3
Inventory
12 units at $15
11 .
Purchase
13units at $17
14
Sale
18 units
21
Purchase
9 units at $20
25
Sale
10 units
Explanation / Answer
Inventory Card: Date Purchases Sales Balance Units PU Total Cost Units PU Total Cost Units PU Total Cost 03-Mar 12.00 15.00 180.00 11-Mar 13.00 17.00 221.00 12.00 15.00 180.00 13.00 17.00 221.00 14-Mar 12.00 15.00 180.00 7.00 17.00 119.00 6.00 17.00 102.00 21-Mar 9.00 20.00 180.00 7.00 17.00 119.00 9.00 20.00 180.00 25-Mar 7.00 17.00 119.00 6.00 20.00 120.00 3.00 20.00 60.00 34.00 581.00 28.00 461.00 6.00 120.00 Units Total Cost Cost of Goods Sold: 28.00 461.00 Ending Inventory 6.00 120.00 Working Note: First Sales on 14.03: First Sales from Opening 12.00 Balance from 11.03 6.00 TotalUnits 18.00 Sales on 25.03: First Sales from 11.03 7.00 Balance from 21.03 3.00 TotalUnits 10.00
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