Question

Philips Company has the following data available

Transaction	Units purchased	Unit cost	Units sold
Transaction	300	10
March 1 Purchase	200	12
April 25 sale			330
June 10 Purchase	370	14
July 20 sale			250
October 30 Purchase	340	11
December 15 sale			390

if Philips uses a perpetual FIFO inventory system, the cost of ending inventory on Dec 31 is

I need the steps in the form of table

Answer 1

Cost of ending inventory on Dec 31= 240 Units x $11 per unit = $ 2,640

FIFO METHOD INVENTORY SCHEDULE

Date	Qty Purchased	Unit Cost	Total Cost	Qty Sold	Unit cost	Cost of goods sold	Ending Inv. Qty	Unit Cost	Total Inventory
Beginning							300	10	3,000
Mar 1	200	12	2,400				300	10	3,000
							200	12	2,400
Apr 25				300	10	3,000	170	12	2,040
				30	12	360
June 10	370	14	5,180				170	12	2,040
							370	14	5,180
July 20				170	12	2,040	290	14	4,060
				80	14	1,120
Oct 30	340	11	3,740				290	14	4,060
							340	11	3,740
Dec 15				290	14	4,060	240	11	2,640
				100	11	1,100
TOTAL							240	11	2,640

Cost of ending inventory on Dec 31= 240 Units x $11 per unit = $2,640