Cost of the merchandise sold schedule first-in, first-out method portable dvd players

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

64

$ 95

$ 6,080

June 6

MACROBUTTON HTMLDirect image1.png

$ MACROBUTTON HTMLDirect image2.png

$ MACROBUTTON HTMLDirect image3.png

MACROBUTTON HTMLDirect image4.png

MACROBUTTON HTMLDirect image5.png

MACROBUTTON HTMLDirect image6.png

June 14

MACROBUTTON HTMLDirect image7.png

$ MACROBUTTON HTMLDirect image8.png

$ MACROBUTTON HTMLDirect image9.png

MACROBUTTON HTMLDirect image10.png

MACROBUTTON HTMLDirect image11.png

MACROBUTTON HTMLDirect image12.png

MACROBUTTON HTMLDirect image13.png

MACROBUTTON HTMLDirect image14.png

MACROBUTTON HTMLDirect image15.png

June 19

MACROBUTTON HTMLDirect image16.png

MACROBUTTON HTMLDirect image17.png

MACROBUTTON HTMLDirect image18.png

MACROBUTTON HTMLDirect image19.png

MACROBUTTON HTMLDirect image20.png

MACROBUTTON HTMLDirect image21.png

MACROBUTTON HTMLDirect image22.png

MACROBUTTON HTMLDirect image23.png

MACROBUTTON HTMLDirect image24.png

June 25

MACROBUTTON HTMLDirect image25.png

MACROBUTTON HTMLDirect image26.png

MACROBUTTON HTMLDirect image27.png

MACROBUTTON HTMLDirect image28.png

MACROBUTTON HTMLDirect image29.png

MACROBUTTON HTMLDirect image30.png

June 30

MACROBUTTON HTMLDirect image31.png

MACROBUTTON HTMLDirect image32.png

MACROBUTTON HTMLDirect image33.png

MACROBUTTON HTMLDirect image34.png

MACROBUTTON HTMLDirect image35.png

MACROBUTTON HTMLDirect image36.png

MACROBUTTON HTMLDirect image37.png

MACROBUTTON HTMLDirect image38.png

MACROBUTTON HTMLDirect image39.png

June 30

Balances

$ MACROBUTTON HTMLDirect image40.png

$ MACROBUTTON HTMLDirect image41.png

image42.png

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

43

$ 53

$ 2,279

June 6

MACROBUTTON HTMLDirect image43.png

$ MACROBUTTON HTMLDirect image44.png

$ MACROBUTTON HTMLDirect image45.png

MACROBUTTON HTMLDirect image46.png

MACROBUTTON HTMLDirect image47.png

MACROBUTTON HTMLDirect image48.png

June 14

MACROBUTTON HTMLDirect image49.png

$ MACROBUTTON HTMLDirect image50.png

$ MACROBUTTON HTMLDirect image51.png

MACROBUTTON HTMLDirect image52.png

MACROBUTTON HTMLDirect image53.png

MACROBUTTON HTMLDirect image54.png

MACROBUTTON HTMLDirect image55.png

MACROBUTTON HTMLDirect image56.png

MACROBUTTON HTMLDirect image57.png

June 19

MACROBUTTON HTMLDirect image58.png

MACROBUTTON HTMLDirect image59.png

MACROBUTTON HTMLDirect image60.png

MACROBUTTON HTMLDirect image61.png

MACROBUTTON HTMLDirect image62.png

MACROBUTTON HTMLDirect image63.png

MACROBUTTON HTMLDirect image64.png

MACROBUTTON HTMLDirect image65.png

MACROBUTTON HTMLDirect image66.png

June 25

MACROBUTTON HTMLDirect image67.png

MACROBUTTON HTMLDirect image68.png

MACROBUTTON HTMLDirect image69.png

MACROBUTTON HTMLDirect image70.png

MACROBUTTON HTMLDirect image71.png

MACROBUTTON HTMLDirect image72.png

MACROBUTTON HTMLDirect image73.png

MACROBUTTON HTMLDirect image74.png

MACROBUTTON HTMLDirect image75.png

June 30

MACROBUTTON HTMLDirect image76.png

MACROBUTTON HTMLDirect image77.png

MACROBUTTON HTMLDirect image78.png

MACROBUTTON HTMLDirect image79.png

MACROBUTTON HTMLDirect image80.png

MACROBUTTON HTMLDirect image81.png

MACROBUTTON HTMLDirect image82.png

MACROBUTTON HTMLDirect image83.png

MACROBUTTON HTMLDirect image84.png

MACROBUTTON HTMLDirect image85.png

MACROBUTTON HTMLDirect image86.png

MACROBUTTON HTMLDirect image87.png

June 30

Balance

$ MACROBUTTON HTMLDirect image88.png

$ MACROBUTTON HTMLDirect image89.png

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

Hide

a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise sold for each sale and the inventory balance after each sale.

Schedule of Cost of Merchandise Sold

LIFO Method

Prepaid Cell Phones

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

July 1

3,600

$ 30

$ 108,000

July 10

MACROBUTTON HTMLDirect image90.png

$ MACROBUTTON HTMLDirect image91.png

$ MACROBUTTON HTMLDirect image92.png

MACROBUTTON HTMLDirect image93.png

MACROBUTTON HTMLDirect image94.png

MACROBUTTON HTMLDirect image95.png

MACROBUTTON HTMLDirect image96.png

MACROBUTTON HTMLDirect image97.png

MACROBUTTON HTMLDirect image98.png

July 12

MACROBUTTON HTMLDirect image99.png

$ MACROBUTTON HTMLDirect image100.png

$ MACROBUTTON HTMLDirect image101.png

MACROBUTTON HTMLDirect image102.png

MACROBUTTON HTMLDirect image103.png

MACROBUTTON HTMLDirect image104.png

MACROBUTTON HTMLDirect image105.png

MACROBUTTON HTMLDirect image106.png

MACROBUTTON HTMLDirect image107.png

July 14

MACROBUTTON HTMLDirect image108.png

MACROBUTTON HTMLDirect image109.png

MACROBUTTON HTMLDirect image110.png

MACROBUTTON HTMLDirect image111.png

MACROBUTTON HTMLDirect image112.png

MACROBUTTON HTMLDirect image113.png

July 20

MACROBUTTON HTMLDirect image114.png

MACROBUTTON HTMLDirect image115.png

MACROBUTTON HTMLDirect image116.png

MACROBUTTON HTMLDirect image117.png

MACROBUTTON HTMLDirect image118.png

MACROBUTTON HTMLDirect image119.png

MACROBUTTON HTMLDirect image120.png

MACROBUTTON HTMLDirect image121.png

MACROBUTTON HTMLDirect image122.png

July 31

MACROBUTTON HTMLDirect image123.png

MACROBUTTON HTMLDirect image124.png

MACROBUTTON HTMLDirect image125.png

MACROBUTTON HTMLDirect image126.png

MACROBUTTON HTMLDirect image127.png

MACROBUTTON HTMLDirect image128.png

MACROBUTTON HTMLDirect image129.png

MACROBUTTON HTMLDirect image130.png

MACROBUTTON HTMLDirect image131.png

July 31

Balances

$ MACROBUTTON HTMLDirect image132.png

$ MACROBUTTON HTMLDirect image133.png

Perpetual Inventory Using FIFO

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

Inventory

Purchases

Sales

August 1

2,100 units at $39

August 10

1,050 units at $41

August 12

1,470 units

August 20

945 units at $43

August 14

1,260 units

August 31

630 units

Hide

Assuming that the perpetual inventory system is used, costing by the FIFO method, determine the cost of the merchandise sold for each sale and the inventory balance after each sale.

Schedule of Cost of Merchandise Sold

FIFO Method

Prepaid Cell Phones

Date

Purchases Quantity

Purchases Unit Cost

Purchases Total Cost

Cost of Merchandise Sold Quantity

Cost of Merchandise Sold Unit Cost

Cost of Merchandise Sold Total Cost

Inventory Quantity

Inventory Unit Cost

Inventory Total Cost

Aug. 1

2,100

$ 39

$ 81,900

Aug. 10

MACROBUTTON HTMLDirect image134.png

$ MACROBUTTON HTMLDirect image135.png

$ MACROBUTTON HTMLDirect image136.png

MACROBUTTON HTMLDirect image137.png

MACROBUTTON HTMLDirect image138.png

MACROBUTTON HTMLDirect image139.png

MACROBUTTON HTMLDirect image140.png

MACROBUTTON HTMLDirect image141.png

MACROBUTTON HTMLDirect image142.png

Aug.12

MACROBUTTON HTMLDirect image143.png

$ MACROBUTTON HTMLDirect image144.png

$ MACROBUTTON HTMLDirect image145.png

MACROBUTTON HTMLDirect image146.png

MACROBUTTON HTMLDirect image147.png

MACROBUTTON HTMLDirect image148.png