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

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$ 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

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MACROBUTTON HTMLDirect image14.png

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June 19

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June 25

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June 30

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MACROBUTTON HTMLDirect image38.png

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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

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$ 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

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June 19

MACROBUTTON HTMLDirect image58.png

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MACROBUTTON HTMLDirect image64.png

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June 25

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June 30

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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

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$ MACROBUTTON HTMLDirect image91.png

$ MACROBUTTON HTMLDirect image92.png

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July 12

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$ MACROBUTTON HTMLDirect image100.png

$ MACROBUTTON HTMLDirect image101.png

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July 14

MACROBUTTON HTMLDirect image108.png

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July 20

MACROBUTTON HTMLDirect image114.png

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July 31

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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

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$ MACROBUTTON HTMLDirect image135.png

$ MACROBUTTON HTMLDirect image136.png

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Aug.12

MACROBUTTON HTMLDirect image143.png

$ MACROBUTTON HTMLDirect image144.png

$ MACROBUTTON HTMLDirect image145.png

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Aug. 14

MACROBUTTON HTMLDirect image152.png

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MACROBUTTON HTMLDirect

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Aug. 20

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Aug. 31

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MACROBUTTON HTMLDirect

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MACROBUTTON HTMLDirect

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MACROBUTTON HTMLDirect

MACROBUTTON HTMLDirect

Aug. 31

Balances

$ MACROBUTTON HTMLDirect

$ MACROBUTTON HTMLDirect

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FIFO and LIFO Costs Under Perpetual Inventory System

The following units of a particular item were available for sale during the year:

Beginning inventory

21 units @ $41

Sale

13 units @ $66

First purchase

22 units @ $43

Sale

21 units @ $68

Second purchase

24 units @ $44

Sale

11 units @ $70

The firm uses the perpetual inventory system, and there are 22 units of the item on hand at the end of the year.

a. What is the total cost of the ending inventory according to FIFO? $ MACROBUTTON HTMLDirect

b. What is the total cost of the ending inventory according to LIFO? $ MACROBUTTON HTMLDirect