Ask Experts Questions for FREE Help !
Ask
    alybear10's Avatar
    alybear10 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Oct 5, 2012, 10:11 AM
    Accounting FIFO
    Perpetual Inventory Using FIFO
    Beginning inventory, purchases, and sales data for portable DVD players are as follows:

    June 1 Inventory 75 units @ $40
    June 6 Sale 60 units
    June 14 Purchase 90 units @ $42
    June 19 Sale 50 units
    June 25 Sale 20 units
    June 30 Purchase 80 units @ $45

    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. 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.
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
    		  
    #2

    Oct 5, 2012, 04:02 PM
    So show us the work you have done and tell us what your question is. We don't provide model answers to assignment questions
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Can you help me do an accounting question with fifo [ 1 Answers ]

Mar. 1 Beginning inventory 160 units @ $52.20/unit Mar. 5 Purchase 255 units @ $57.20/unit Mar. 9 Sales 320 units @ $87.20/unit Mar. 18 Purchase 115 units @ $62.20/unit Mar. 25 Purchase 210 units @ $64.20/unit Mar. 29...

Financial accounting help: What is FIFO? [ 1 Answers ]

FIFO Accounting [ 1 Answers ]

A firm has the following inventory information for the first quarter: 01/01 Beginning Inventory 50 units @ $5 01/15 Purchases 80 units @ $5.50 02/15 Purchases 60 units @ $5.25 02/15 Purchases 40 units @ $5.75 Sales 170 units @ $10 Total operating expenses $500

Fifo accounting [ 1 Answers ]

E5-2 Information related to Steffens Co. is presented below. 1. On April 5, purchased merchandise from Bryant Company for $25,000 terms 2/10, net/30, FOB shipping point. 2. On April 6 paid freight costs of $900 on merchandise purchased from Bryant. 3. On April 7, purchased...

Accounting, fifo and lifo [ 2 Answers ]

Bought Sold January 40 at £30 each June 30 for £68 each April 20 at £44 each September 14 for £60 each 19 Based on the above figures, what is the closing inventory value that would be shown in the Balance Sheet using FIFO? a. £480 b. £704 c. £700 d. £1088

View more questions Search