30 sale 99 2100 207900 Required 1 Record the inventory purch

30 sale 99 2100 207900

Required:

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, first-out method. If units are in inventory at two different costs, enter the OLDEST units first.

date	transaction	#per unit	per unit	total
march1	inventory	66	$600	$39600
10	purchase	132	720	95040
28	sale	88	2k	176k
30	sale	55	2k	110k
april5	purchase	110	800	88k
10	sale	66	2k	132k
16	sale	33	2k	66k
28	purchase	110	880	96800
may 5	sale	66	2100	138600
14	sale	88	2100	184800
25	purchase	198	960	190080

Solution

FIFO METHOD units per unit stock total Op. inventory 66 600 66@600 39600 Purchase 10-Mar 132 720 66@600 132@720 134640 Sales 28-Mar 88 66@600 22@720 110@88 9680 Sales 30-Mar 55 55@720 33@88 2904 purchases 05-Apr 110 800 33@88 110@800 90904 Sales 10-Apr 66 77@800 61600 Sales 16-Apr 33 44@800 44*800 Purchases 28-Apr 110 880 44@800 110*880 132000 Sales 05-May 66 88@880 77440 Sales 14-May 88 0 purchases 25-May 198 960 198@960 198*960 Sales 30-May 99 960 99@960 95040 Closing Inventory is 99 Units and the amount will be $ 95040