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Misha Larkins [42]
3 years ago
12

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

14

                       21                    $16                          $336

                         5                   $18                            $90

25

                        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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