Mod3
sheyitqan
Problem6-32A.docxRequirement 1
Perpetual Inventory Record: FIFO
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Purchases |
Cost of Goods Sold |
Inventory on Hand |
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Date |
Quantity |
Unit Cost |
Total Cost |
Quantity |
Unit Cost |
Total Cost |
Quantity |
Unit Cost |
Total Cost |
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Jan. 1 |
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80 units |
× $ 50 (a) |
= $ 4,000 |
$ 4,000 |
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5 |
140 units |
× $ 55 |
= $ 7,700 |
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80 units |
× $ 50 |
= $ 4,000 |
$ 11,700 |
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140 units |
× $ 55 |
= $ 7,700 |
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13 |
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80 units |
× $ 50 |
= $ 4,000 |
$ 8,400 |
60 units |
× $ 55 |
= $ 3,300 |
$ 3,300 |
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80 units |
× $ 55 |
= $ 4,400 |
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18 |
160 units |
× $ 60 |
= $ 9,600 |
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60 units |
× $ 55 |
= $ 3,300 |
$ 12,900 |
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160 units |
×$ 60 |
= $ 9,600 |
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26 |
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60 units |
× $ 55 |
= $ 3,300 |
$ 9,900 |
50 units |
× $ 60 |
= $ 3,000 |
$ 3,000 |
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110 units |
× $ 60 |
= $ 6,600 |
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Totals |
300 units |
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$ 17,300 |
330 units |
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$ 18,300 |
50 units |
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$ 3,000 |
P6-32A, cont.
Calculations:
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(a) Jan. 1 inventory unit cost |
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Total cost / Total number of units |
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$4,000 / 80 units |
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= |
$50 per unit |
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Sales revenue |
= |
Number of crates sold × Sales price per crate |
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Sale 1: |
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160 crates × $100 per crate |
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= |
$16,000 |
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Sale 2: |
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170 crates × $110 per crate |
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$18,700 |
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Total sales revenue |
= |
Sales revenue from Sale 1 + Sales revenue from Sale 2 |
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$16,000 + $18,700 |
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= |
$34,700 |
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Total Sales Revenue |
$ 34,700 |
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Cost of Goods Sold |
(18,300) |
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Gross Profit |
$ 16,400 |
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