Insert Table Chart Text Shape Media Comment titled 9 12 unit

Insert Table Chart Text Shape Media Comment titled 9 12 units @ 13 units @ 18 units 9 units @ 10 units Apr 3 Inventory $45 Purchase $47 Sale 14 21 Purchase 25 Sale $60 Complete the inventory cost card assuming the business maintains a perpetual inventory system and calculates the cost of merchandise sold and ending inventory, using FIFO. Cost of Merchandise Sold Purchases Inventory Date Qty Unit TotalOty UnitTotal Oty Unit Total Cost Cost Cost Cost Cost Cost Apr 3 14 21 25 Balances 1,418

Solution

Schedule perpertual FIFO :

12

13

45

47

540

611

12

6

45

47

540

282

7

9

47

60

329

540

7

3

47

60

329

180

	Purchase	Cost of merchandise sold	Ending inventory
	Unit	Unit cost	Total cost	Unit	Unit cost	Total cost	Unit	Unit cost	Total cost
Apr 3							12	45	540
Apr 11	13	47	611				12 13	45 47	540 611
Apr 14				12 6	45 47	540 282	7	47	329
Apr 21	9	60	540				7 9	47 60	329 540
Apr 25				7 3	47 60	329 180	6	60	360
Balances						1331			360