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    Inventory Valuation Example 1 Date May 1 May 3 May 8 May 15 May 19 May 25 May 27 May 27 May 31 Transactions Inventory Purchase Sale ( 2) Sale ( 3) Ending Inventory Total FIFO, Perpetual Units Purchased 700 100 Units Sold Purchases Ending Inventory Total Purchases $ Cost of goods sold Ending Inventory Purchases $ Ending Inventory Values $

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    Inventory Valuation Example 1 Date May 1 May 3 May 8 May 15 May 19 May 25 May 27 May 27 May 31 Transactions Inventory Purchase Sale ( 2) Sale ( 3) Ending Inventory Total FIFO, Perpetual Units Purchased 700 100 Units Sold Purchases Ending Inventory Total Purchases $ Cost of goods sold Ending Inventory Purchases $ Ending Inventory Values $

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    55 views1 page

    Fifo

    Uploaded by

    frankoppong
    Inventory Valuation Example 1 Date May 1 May 3 May 8 May 15 May 19 May 25 May 27 May 27 May 31 Transactions Inventory Purchase Sale ( 2) Sale ( 3) Ending Inventory Total FIFO, Perpetual Units Purchased 700 100 Units Sold Purchases Ending Inventory Total Purchases $ Cost of goods sold Ending Inventory Purchases $ Ending Inventory Values $

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    of 1

    Inventory Valuation Example 1

    Date Transactions Units Purchased Units Sold Unit Cost Inventory Units
    May 1 Inventory 700 $10 700
    May 3 Purchase 100 $12 800
    May 8 Sale (*1) 500 ?? 300
    May 15 Purchase 600 $14 900
    May 19 Purchase 200 $15 1,100
    May 25 Sale (*2) 400 ?? 700
    May 27 Sale (*3) 100 ?? 600
    May 31 Ending Inventory ?? 600
    Total 1,600 1,000

    FIFO, Perpetual Purchases Sale (*1) Sale (*2) Sale (*3) Ending Inventory

    700 x $10 500 x $10

    200 x $10
    100 x $12 100 x $12
    100 x $14
    100 x $14
    600 x $14

    400 x $14

    200 x $15 200 x $15

    $ 19,600 $ 5,000 $ 4,600 $ 1,400 $ 8,600

    Total Purchases Cost of goods sold Ending Inventory


    $ 19,600 $ 11,000 $ 8,600

    `
    FIFO, Periodic Purchases Sale (*1) Sale (*2) Sale (*3) Ending Inventory

    700 x $10 500 x $10

    200 x $10
    100 x $12 100 x $12
    100 x $14
    100 x $14
    600 x $14

    400 x $14

    200 x $15 200 x $15

    $ 19,600 $ 5,000 $ 4,600 $ 1,400 $ 8,600

    Total Purchases Cost of goods sold Ending Inventory


    $ 19,600 $ 11,000 $ 8,600

    Copyright © 1999-2009 by AccountingStudy.com.TM Page 1 of 1

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