In: Accounting
Sheffield Skateshop Ltd. reports the following inventory transactions for its skateboards for the month of April. The company uses a perpetual inventory system. Date Explanation Units Unit Cost Total Cost Apr. 1 Beginning inventory 30 $54 $1,620 6 Purchases 15 46 690 9 Sales (35 ) 14 Purchases 20 43 860 20 Sales (25 ) 28 Purchases 20 32 640 (a) Determine the cost of goods sold and cost of ending inventory using FIFO. Cost of Goods Sold $ Ending Inventory $
Date | Purchases | Cost of goods sold | Inventory on Hand | ||||||
Quantity | Unit cost | Total Cost | Quantity | Unit cost | Total Cost | Quantity | Unit Cost | Total Cost | |
Apr-01 | 30 | 54 | 1,620 | ||||||
Apr-06 | 15 | 46 | 690 | 30 | 54 | 1,620 | |||
15 | 46 | 690 | |||||||
Apr-09 | 30 | 54 | 1,620 | ||||||
5 | 46 | 230 | 10 | 46 | 460 | ||||
Apr-14 | 20 | 43 | 860 | 10 | 46 | 460 | |||
20 | 43 | 860 | |||||||
Apr-20 | 10 | 46 | 460 | ||||||
15 | 43 | 645 | 5 | 43 | 215 | ||||
Apr-28 | 20 | 32 | 640 | 5 | 43 | 215 | |||
20 | 32 | 640 | |||||||
Total | 2,955 | 855 |
Cost of goods sold = $2,955
cost of Ending inventory = $855