Perpetual Inventory Using FIFO The following units of a particular item were available for sale during...

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Perpetual Inventory Using FIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 3,900 units at $40 Apr. 19 Sale 2,300 units June 30 Purchase 4,300 units at $44 Sept. 2 Sale 4,900 units Nov. 15 Purchase 1,800 units at $48 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first out method. Present the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory unit Cost column, G000s Sald Unit Cast calutn and in the Inventory Uni Schedule o Cost of Goods Sold FIFO Method Purchases Cost of Goods Seld Inventory Unit Cast Date Quantity Unit Cost Tetal Cast Quantity Unit Cost Tetal Cost Quantity Total Cost Jan. 1 Apr. 19 Dune 30 Sept, 2 NIN 15 Der 31 natances Perpetual Inventory Using FIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 3,900 units at $40 Apr. 19 Sale 2,300 units June 30 Purchase 4,300 units at $44 Sept. 2 Sale 4,900 units Nov. 15 Purchase 1,800 units at $48 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first out method. Present the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory unit Cost column, G000s Sald Unit Cast calutn and in the Inventory Uni Schedule o Cost of Goods Sold FIFO Method Purchases Cost of Goods Seld Inventory Unit Cast Date Quantity Unit Cost Tetal Cast Quantity Unit Cost Tetal Cost Quantity Total Cost Jan. 1 Apr. 19 Dune 30 Sept, 2 NIN 15 Der 31 natances

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Schedule of cost of goods sold FIFO Method Purchases Cost of goods sold Inventory ... View the full answer