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In FIFO method the cost of goods sold and Ending inventory remains same for both periodic inventory system and perpetual inventory system
Periodic inventory system:
Cost of goods sold - $4,226
Ending inventory - $$891
perpetual inventory system:
Cost of goods sold - $4,226
Ending inventory - $$891
Working Notes:
Cost of Goods sold | |||
Date | units | Per unit | Total |
1-Mar | 68 | $15 | $1,020 |
5-Mar | 140 | $15.5 | $2,170 |
11-Mar | 40 | $16 | $640 |
16-Mar | 24 | $16.5 | $396 |
Total | 272 | $4,226 |
Ending Inventory | |||
Date | units | Per unit | Total |
16-Mar | 54 | $16.5 | $891 |
Total | 54 | $891 |
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