Question

Beginning inventory, purchases, and sales for Item ER27 are as follows: May 1 Inventory 57 units...

Beginning inventory, purchases, and sales for Item ER27 are as follows:

May 1 Inventory 57 units @ $19
9 Sale 47 units
13 Purchase 35 units @ $22
28 Sale 17 units

Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on May 28 and (b) the inventory on May 31.

a. Cost of merchandise sold on May 28 $fill in the blank 1
b. Inventory on May 31 $fill in the blank 2
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Homework Answers

Answer #1

Perpetual Inventory System

FIFO

a. Cost of merchandise sold on May 28 $344
b. Inventory on May 31 $616

Working notes:

Units available for sale = 57 + 35 = 92 Units

Units sold = 47 + 17 = 64 Units

Ending Inventory (Units) = 92 Units - 64 Units = 28 Units

a. Cost of goods sold on May 28

= (57 Units - 47 Units) * $19 + (7 Units * $22)

= (10 Units * $19) + (7 Units * $22)

= $190 + $154

= $344

b. Inventory on May 31

= (35 Units - 7 Units) * $22

= 28 Units * $22

= $616

All the best...

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