Question

Sport Box sells a wide variety of sporting equipment. The following is information on the purchases and sales of their top selling hockey stick. The hockey stick sells for $130.

	Description	Units	Unit Cost
Mar. 1	Beginning Inventory	24	$49
Mar. 3	Purchase	69	$54
Mar. 6	Purchase	119	$59
Mar. 17	Sale	64
Mar. 23	Purchase	68	$59
Mar. 31	Sale	158

Required:
Calculate the cost of goods sold and ending inventory under the perpetual inventory system using the following methods

Answer 1

In case of information is missing which method is need to be applied i have applied fifo method

		Cost of Good Purchased	Cost of Goods sold	Cost of Inventory remaining
Date	Particular	No of Units	Unit Cost	Total	No of Units	Unit Cost	Total	No of Units	Unit Cost	Total
1-Mar	Beginning Inventory							24	$    49.00	$    1,176.00
3-Mar	Purchase	69	$      54.00	$     3,726.00				24	$    49.00	$    1,176.00
								69	$    54.00	$    3,726.00
Total										$    4,902.00
6-Mar	Purchase	119	$      59.00	$     7,021.00				24	$    49.00	$    1,176.00
								69	$    54.00	$    3,726.00
								119	$    59.00	$    7,021.00
Total										$ 11,923.00
17-Mar	Sale				24	$    49.00	$ 1,176.00	29	$    54.00	$    1,566.00
					40	$    54.00	$ 2,160.00	119	$    59.00	$    7,021.00
Total							$ 3,336.00			$    8,587.00
23-Mar	Purchase	68	$      59.00	$     4,012.00				29	$    54.00	$    1,566.00
								119	$    59.00	$    7,021.00
								68	$    59.00	$    4,012.00
Total										$ 12,599.00
31-Mar	Sale				29	$    54.00	$ 1,566.00	58	$    59.00	$    3,422.00
					119	$    59.00	$ 7,021.00
					10	$    59.00	$     590.00
							$ 9,177.00			$    3,422.00