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CengageNowW2 | Online teaci × signmentMain.do?invoker assignments&takeAssignmentSessionLocator; assig eBook Show Me How Calculator Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Dec. 1 Sales Dec. 12224 units Dec. 14 192 units Dec. 31 96 units 320 units at $36 Dec. 10 160 units at $38 Dec. 20 144 units at $40 Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Schedule of Cost of Goods Sold FIFO Method Prepaid Cel Phones Purchases Purchases Purchases Cost of Goods Sold Cost of Goods Sold Cost of Goods Sold Inventory Inventory Inventory Quantity Unit Cost Total Cost Date Quantity Unit Cost Unit Cost Total Cost Quantity Total Cost Dec. 10 Dec. 12 Dec. 14 Previous Nex Check My Work

Explanation / Answer

FIFO Cost of goods available for sale Cost of goods sold Ending Inventory Date Purchased Qty Cost per unit Purchase total cost # of units Cost per unit Cost of goods sold # of units Cost per unit Ending Inventory 1-Dec            320       36.00 $        11,520 10-Dec              160         38.00 $ 6,080            480       36.67 $        17,600 12-Dec            224       36.00 $          8,064            256       37.25 $          9,536 14-Dec            192       37.00 $          7,104 64       38.00 $          2,432 20-Dec              144               40 $ 5,760            208       39.38 $          8,192 31-Dec 96       38.67 $          3,712            112       40.00 $          4,480 Balance 31-Dec $        18,880 $          4,480

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