Question

Complete the following table using the perpetual FIFO method of inventory flow.

	Purchases				Cost of Goods Sold				Inventory
Date	Qty	Unit Cost	Total Cost		Qty	Unit Cost	Total Cost		Qty	Unit Cost	Total Cost
July 2	600	12.00
5
	200	13.00
7
					300
10
	325	14.00
12					300
					150
18
	250	13.00
22					50
					205
25					120
					180
28
	330	15.00
31					70
					5
31	Bal

Answer 1

Complete the following table using the perpetual FIFO method of inventory flow.

	Purchase			Cost of goods sold			Inventory balance
Date	Unit	Unit cost	Total Cost	Unit	Unit Cost	Total Cost	Unit	Unit cost	Total Cost
Jul 2	600	12	7200				600	12	7200
Jul 5	200	13	2600				600 200	12 13	7200 2600
Jul 7				300	12	3600	300 200	12 13	3600 2600
Jul 10	325	14	4550				300 200 325	12 13 14	3600 2600 4550
Jul 12				300 150	12 13	3600 1950	50 325	13 14	650 4550
Jul 18	250	13	3250				50 325 250	13 14 13	650 4550 3250
Jul 22				50 205	13 14	650 2870	120 250	14 13	1680 3250
Jul 25				120 180	14 13	1680 2340	70	13	910
Jul 28	330	15	4950				70 330	13 15	910 4950
Jul 31				70 5	13 15	910 75	325	15	4875
Jul 31	Bal					17675	325		4875