Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales data for portable DVD players are as follows:

June 1 Inventory 64 units @ $95
6 Sale 52 units
14 Purchase 38 units @ $101
19 Sale 21 units
25 Sale 21 units
30 Purchase 35 units @ $108
The business maintains a perpetual inventory system, costing by the first-in, first-out method.

Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3.

Hide
a. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column.

Cost of the Merchandise Sold Schedule
First-in, First-out Method
Portable DVD Players
Date

Quantity Purchased

Purchases Unit Cost

Purchases Total Cost

Quantity Sold

Cost of Merchandise Sold Unit Cost

Cost of Merchandise Sold Total Cost

Inventory Quantity

Inventory Unit Cost

Inventory Total Cost
June 1

$ 95

$ 6,080
June 6

[removed]

$ [removed]

[removed]

[removed]
June 14

[removed]

$ [removed]

[removed]

[removed]
June 19

[removed]

June 25

[removed]

[removed]
June 30

[removed]

[removed]
June 30

Balances

$ [removed]

Perpetual Inventory Using LIFO

Beginning inventory, purchases, and sales data for portable DVD players are as follows:

June 1 Inventory 43 units @ $53
6 Sale 33 units
14 Purchase 58 units @ $55
19 Sale 32 units
25 Sale 9 units
30 Purchase 33 units @ $58
The business maintains a perpetual inventory system, costing by the last-in, first-out method.

Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4.

Hide
Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.

Schedule of Cost of Merchandise Sold
LIFO Method
Portable DVD Players
Date

Quantity Purchased

Purchases Unit Cost

Purchases Total Cost

Quantity Sold

Cost of Merchandise Sold Unit Cost

Cost of Merchandise Sold Total Cost

Inventory Quantity

Inventory Unit Cost

Inventory Total Cost
June 1

$ 53

$ 2,279
June 6

[removed]

$ [removed]

[removed]

[removed]
June 14

[removed]

$ [removed]

[removed]

[removed]
June 19

[removed]

[removed]
June 25

[removed]

[removed]
June 30

[removed]

[removed]
June 30

Balance

$ [removed]

Perpetual Inventory Using LIFO

Beginning inventory, purchases, and sales data for prepaid cell phones for July are as follows:

Inventory Purchases Sales
July 1 3,600 units at $30 July 10 1,800 units at $32 July 12 2,520 units
July 20 1,620 units at $34 July 14 2,160 units
July 31 1,080 units

LOOKING FOR THIS ASSIGNMENT OR A SIMILAR ONE? WE HAVE HAD A GOOD SUCCESS RATE ON THIS PAPER! ORDER WITH US TODAY FOR QUALITY WORK AND GET A DISCOUNT!

ORDER NOW

Disclaimer:

All types of paper that Discount Writers provides is only for the purpose of assistance! No text, paper, assignment, discussion would be similar with another student therefore guaranteeing Uniqueness and can be used with proper references only!

More tools: Better Grades: Choose your Homework Help:

Assignment Help: We would write your papers according to the instructions provided and guarantee you timely work

Entire Online Class Help: We are here for you and we would do your entire Class work from discussions, assignments, Replies, Exams and Quizzes at a Cost

Exam/ Quiz Help: We have a team of writers who specialize on exams from any specific field and we would give you an A+ Grade!