About FIFO perpetual inventory.
About FIFO perpetual inventory
I got stuck in this problem, can you help me to solve it . Thanks so much
The beginning inventory at Thoreau Office Supplies and data on purchases and sales
For a three-month period are as follows:
Number Per
Date Transaction of Units Unit Total
Jan. 1 Inventory 75 $20 $1,500
10 Purchase 200 21 4,200
28 Sale 100 40 4,000
30 Sale 110 40 4,400
Feb. 5 Sale 20 44 880
10 Purchase 120 22 2,640
16 Sale 90 42 3,780
28 Sale 50 45 2,250
Mar. 5 Purchase 175 24 4,200
14 Sale 120 50 6,000
25 Purchase 150 25 3,750
30 Sale 100 50 5,000
Instructions
1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual
Inventory record similar to the one illustrated in Exhibit 3, using the first-in, firstout
Method.
2. Determine the total sales and the total cost of merchandise sold for the period.
Journalize the entries in the sales and cost of merchandise sold accounts. Assume
That all sales were on account.
3. Determine the gross profit from sales for the period.
4. Determine the ending inventory cost.
