Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method....

 

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Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of # of Units Cost Per Unit Goods Purchased Units Cost Per Cost of Goods Unit Sold # of Units Cost Per Unit Inventory Balance k Sold December 7 10 at $6.00 $ 60.00 10 at $ 6.00 = $ 60.00 20 at $ 12.00 $ 240.00 10 at 10 at $ 6.00 = $ 60.00 December 14 Total December 14. December 15 Total December 15 15 at $ 14.00 = $ 210.00 20 at $ 12.00 = 240.00 $ 300.00 10 at $ 6.00 = $ 60.00 20 at $ 12.00 = $ 240.00 December 21 Totals $ 300.00 Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of # of Units Cost Per Unit Goods Purchased Units Cost Per Cost of Goods Unit Sold # of Units Cost Per Unit Inventory Balance k Sold December 7 10 at $6.00 $ 60.00 10 at $ 6.00 = $ 60.00 20 at $ 12.00 $ 240.00 10 at 10 at $ 6.00 = $ 60.00 December 14 Total December 14. December 15 Total December 15 15 at $ 14.00 = $ 210.00 20 at $ 12.00 = 240.00 $ 300.00 10 at $ 6.00 = $ 60.00 20 at $ 12.00 = $ 240.00 December 21 Totals $ 300.00

Answer rating: 100% (QA)

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