Perpetual Inventory Using FIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $40

Apr. 19 Sale 2,500 units

June 30 Purchase 4,500 units at $44

Sept. 2 Sale 5,000 units

Nov. 15 Purchase 2,000 units at $46

The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Schedule of Cost of Goods Sold FIFO Method Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost

Jan. 1

Apr. 19

June 30

Sept. 2

Nov. 15

Dec. 31

Balances

Explanation:

FIFO

DatePURCHASECOST OF MERCHANDISE SOLDINVENTORY

QUANTITYUNIT COSTTOTAL COSTQUANTITYUNIT COSTTOTAL COSTQUANTITYUNIT COSTTOTAL COST

January 1 400040160000

April 19

250040100,00015004060000

June 30450044198,000 15004060000

450044198000

September 2 1500406000010004444000

350044154,000

November 1520004692,000 10004444000

20004692000

December 31Balances 314,0003000 136000

LIFO

DatePURCHASECOST OF MERCHANDISE SOLDINVENTORY

QUANTITYUNIT COSTTOTAL COSTQUANTITYUNIT COSTTOTAL COSTQUANTITYUNIT COSTTOTAL COST

January 1 400040160000

April 19 25004010000015004060000

June 30450044198,000 15004060000

450044198000

September 2 5004020000

45004419800010004040000

November 1520004692000 10004040000

20004692000

December 31Balances 318,0003000 132000

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