Problem 9-1 Fitzgibbons Company uses the perpetual inventory method. Fitzgibbons began the month of March with...

Problem 9-1

Fitzgibbons Company uses the perpetual inventory method.
Fitzgibbons began the month of March with 100 units of inventory, at a unit cost of $55.
On March 5, Fitzgibbons purchased 60 units at $60 each.
On March 12, they sold 60 units
On March 18, Fitzgibbons purchased 200 units at $65 each
On March 25, Fitzgibbons sold 210 units.
On March 29, Fitzgibbons purchased 40 units at $75 each.
All units were sold to customer for $100 each.

Use the following format to set up this inventory costing problem, as shown in Video #2.

Inventory
Date	Units	Cost per Unit	Total Cost	Date	Units	Total Cost
Beg Balance

	Units	Cost
Beginning Balance
+ Purchases



Goods Available for Sale
- Sold

Ending Balance

Use the FIFO cost assumption to calculate the cost of goods sold for each sale, the total cost of goods sold for the month, and ending inventory.
Use the LIFO cost assumption to calculate the cost of goods sold for each sale, the total cost of goods sold for the month, and ending inventory.

Expert Solution

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ekkarill92 answered 3 years ago

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