3.Beginning inventory purchases and sales data for
widgets are as follows:
Apr 3
Inventory
15 units
@
$30
11
Purchase
12 units
@
$27
14
Sale
18 units
21
Purchase
7 units
@
$25
25
Sale
10 units
Complete the inventory cost card assuming the business maintains a perpetual inventory system and calculates the cost of merchandise sold and
ending inventory using FIFO.
Purchases
Cost of
Merchandise Sold
Inventory
Date
Qty
Unit Cost
Total Cost
Qty
Unit Cost
Total Cost
Qty
Unit Cost
Total Cost
Balances
4.Complete the chart using the LIFO and
FIFO costing methods assuming a period of increasing costs:
Highest Amount
Lowest Amount
Cost of merchandise sold
Gross Profit
Net Income
Ending Merchandise Inventory