Question
In: Accounting
The inventory data of Bilal Inc. is provided below, The company uses perpetual inventory system. Inventory:...
The inventory data of Bilal Inc. is provided below, The company uses perpetual inventory system.
Inventory: 1st March = 200 units @ $4.00 (purchased)
Purchases: 12th March = 500 units @ $4.50 (purchased)
15th March = 400 units @ $4.75 (purchased)
17th March = 828 units @ $5.00 (purchased)
Sales: 20th March = 1928 units sold
Instructions
Under a perpetual inventory system, determine the cost of goods sold and ending inventory for the month of March under FIFO method
Solutions
Expert Solution
| FIFO | |||
| Opening | Units | p.u cost | Total cost |
| Mar-01 | 200.00 | $ 4.00 | $ 800.00 |
| Mar-12 | 500.00 | $ 4.50 | $ 2,250.00 |
| Mar-15 | 400.00 | $ 4.75 | $ 1,900.00 |
| Mar-17 | 828.00 | $ 5.00 | $ 4,140.00 |
| Sale | |||
| Mar-20 | (200.00) | $ 4.00 | $ (800.00) |
| (500.00) | $ 4.50 | $ (2,250.00) | |
| (400.00) | $ 4.75 | $ (1,900.00) | |
| (828.00) | $ 5.00 | (4,140.00) | |
| March closing inventory | - | $ - | $ - |
| COGS | $ (9,090.00) |
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ekkarill92 answered 2 years agoRelated Solutions
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