Question

Hyde Company uses a perpetual inventory system. It entered into the following purchase and sale transactions for March: Date Activity Units acquired at cost Units sold at retail March 1 beginning inventory 100 units @ $50/unit March 5 purchase 400 units @ $55/unit March 9 sale 420 units @ $85/unit March 18 purchase 120 units @ $60/unit March 25 purchase 200 units @ $62/unit March 29 sale 160 units @ $95/unit TOTALS 820 units 580 units Compute the ending inventory for the month using FIFO. $13,680 $14,800 $32,920 $32,248 $50,900 $31,800

Answer 1

Answer:- The ending inventory for the month using FIFO:-$14800.

Explanation:-

FIFO Method
Goods purchased			Cost of goods sold			Inventory balance
Date	# of units	Cost per unit	# of units sold	Cost per unit	Cost of goods sold	# of units	Cost per unit	Inventory balance
Mar-01						100	50	5000
Mar-05	400	55				100	50	5000
						400	55	22000
Mar-09			100	50	5000	80	55	4400
			320	55	17600
Mar-18	120	60				80	55	4400
						120	60	7200
Mar-25	200	62				80	55	4400
						120	60	7200
						200	62	12400
Mar-29			80	55	4400	40	60	2400
			80	60	4800	200	62	12400
Totals			580		31800