Question

Use fifo

find cost of good sold

find ending inventory

Monty Inc. uses a perpetual inventory system. Its records show the following for the month of May.

May		1		Inventory		31units			$11		$341
May		15		Purchase		27 units			$12		324
May		18		Sale		(45	)
May		24		Purchase		38			13		494
				Total		51					$1,159

Answer 1

Cost of Merchandise sold Schedule
First-in-first-out Method [FIFO]
Date	PURCHASES	SALES	BALANCE
Qty Purchased	Cost per unit	Total Cost	Qty Sold	Cost per unit	Cost of goods sold	Inventory Qty	Cost per unit	Total Cost
May 01							31	11	341
May 15	27	12	324				31	11	341
							27	12	324
May 18				31	11	341	13	12	156
				14	12	168
May 24	38	13	494				13	12	156
							38	13	494
TOTAL						509	51		650

The Cost of goods sold = $509

The Cost of ending inventory = $650