Question

Please calculate the COGS, changes of Inventory, Revenue and all Sales and Inventory was purchased on account. Use the FIFO method.

Date	Transaction	Units	Cost	Total Cost	Inventory Units Sold	Price	Revenue	Cogs
12/1	Beg. Bal	1950	52
12/3	Purchase	1000	54
12/7	Sale	1200				105
12/9	Purchase	900	56
12/10	Sale	1300				115
12/16	Purchase	1750	58
12/17	Purchase	950	58
12/20	Purchase	1500	60
12/22	Purchase	900	62
12/28	Sale	3200				120
12/30	Sale	1000				130
	Ending Balances Total Purchases

Answer 1

Date	Transaction	Units	Cost per unit	Total cost	Inventory units sold	Price	Revenue	COGS
12/1	Beg Bal	1,950	$        52	$ 1,01,400
12 / 3	Purchase	1,000	$        54	$     54,000
12/7	Sale	1,200	$        52	$     62,400	1,200	$ 105	$ 1,26,000	$     62,400
12/9	Purchase	900	$        56	$     50,400
12/10	Sale	750	$        52	$     39,000	1,300	$ 115	$ 1,49,500	$     68,700
		550	$        54	$     29,700
12/16	Purchase	1,750	$        58	$ 1,01,500
12/17	Purchase	950	$        58	$     55,100
12/20	Purchase	1,500	$        60	$     90,000
12/22	Purchase	900	$        62	$     55,800
12/28	Sale	450	$        54	$     24,300	3,200	$ 120	$ 3,84,000	$ 1,82,000
		900	$        56	$     50,400
		1,750	$        58	$ 1,01,500
		100	$        58	$       5,800
12/30	Sale	850	$        58	$     49,300	1,000	$ 130	$ 1,30,000	$     58,300
		150	$        60	$       9,000
	Ending Balances	1,350	$        60	$     81,000
		900	$        62	$     55,800
	Ending Balances	2,250		$ 1,36,800
	Total sales				6,700		7,89,500	3,71,400