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aivan3 [116]
2 years ago
10

FIFO Perpetual Inventory

Business
1 answer:
RideAnS [48]2 years ago
5 0

1. The total sales and cost of goods sold for the period are <u>$381,370</u> and <u>$147,510</u>, respectively.

2. The gross profit from sales for the period is <u>$233,860</u>.

3. The ending inventory cost as of June 30 is <u>$43,560</u>.

<h3>How are the amounts determined using the FIFO method?</h3>

The total sales can be computed by summing the sales units and dollars.

The cost of goods sold is the difference between the cost of goods available for sale and the ending inventory.

The gross profit is the difference between the sales revenue and the cost of goods sold.

The ending inventory is determined as the product of units in the ending inventory multiplied by the purchase cost per unit.

<h3>Data and Calculations:</h3>

Date     Transaction     Number of Units      Per Unit       Total

Apr. 3    Inventory                    66                    $225        $14,850

8            Purchase                  132                      270          35,640

11            Sale                           88                       750         66,000

30         Sale                            55                       750          41,250

May 8   Purchase                   110                      300          33,000

10          Sale                           66                       750         49,500

19          Sale                           33                       750          24,750

28         Purchase                  110                      330          36,300

June 5  Sale                          66                      790           52,140

16          Sale                          88                      790           69,520

21          Purchase                198                      360           71,280

28         Sale                          99                      790           78,210

1. Determination of the total sales and the total cost of goods sold for the period.

<h3>Total Sales:</h3>

Apr. 11    Sale                          88                       750         66,000

30         Sale                           55                       750          41,250

May 10  Sale                           66                       750         49,500

19          Sale                           33                       750          24,750

June 5  Sale                           66                      790           52,140

16          Sale                           88                      790           69,520  

28         Sale                           99                      790           78,210

Total sales                           495                                   $381,370

<h3>Cost of sales:</h3>

Cost of Goods Sold = Cost of goods available for sale minus ending inventory

= $147,510 ($191,070 - $43,560)

2. Determination of the gross profit from sales for the period.

Gross profit = $233,860 ($381,370 - $147,510)

3. Determination of the ending inventory cost as of June 30.

Ending inventory = $43,560 (121 x $360)

Apr. 3    Inventory                   66                    $225         $14,850

8            Purchase                  132                      270          35,640

May 8   Purchase                   110                      300          33,000  

28         Purchase                  110                      330           36,300

21          Purchase                 198                      360            71,280

Goods available for sale     616                                  $191,070

Ending inventory                 121 (616 - 495)

Learn more about the FIFO method at brainly.com/question/27952133

#SPJ1

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