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3 years ago

PLEASE , chart this out !

Business

1 answer:

LiRa [457]3 years ago

6 0

Answer:

Purchases

Date Qty Unit Cost Total Cost

11 12 $18 $216

21 9 $15 $135

Cost of Sales

Date Qty Unit Cost Total Cost

21 $16 $336

5 $18 $90

7 $18 $126

4 $15 $60

Total $612

Inventory

Qty Unit Cost Total Cost

5 $15 $75

Total $75

Explanation:

FIFO method assumes that the units to arrive first, will be sold first. Also note that the perpetual Inventory method is used. This means the cost of sales and inventory value is calculated after every transaction.

So with FIFO , Cost of Sales will be calculated on <em>earlier</em> prices (old prices) whilst Inventory will be valued at <em>recent</em> (later prices) prices.

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