help please 448540
Aug 29, 2021 | Uncategorized
2.
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Beginning inventory, purchases and sales data for hammers are as follows:
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Mar 3
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Inventory
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12 units
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@
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$15
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11
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Purchase
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13 units
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@
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$17
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14
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Sale
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18 units
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21
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Purchase
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9 units
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@
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$20
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25
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Sale
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10 units
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Assuming the business maintains a perpetual inventory system, complete the inventory cards and calculate the cost of merchandise sold and ending inventory under the following assumptions:
a. First in, first out
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Purchases
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Cost of
Merchandise Sold
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Inventory
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Date
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Qty
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Unit Cost
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Total Cost
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Qty
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Unit Cost
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Total Cost
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Qty
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Unit Cost
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Total Cost
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Mar 3
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Mar 11
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Mar 14
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Mar 21
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Mar 25
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Balances
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b. Last in, first out
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Purchases
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Cost of
Merchandise Sold
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Inventory
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Date
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Qty
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Unit Cost
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Total Cost
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Qty
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Unit Cost
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Total Cost
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Qty
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Unit Cost
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Total Cost
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Mar 3
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Mar 11
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Mar 14
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Mar 21
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Mar 25
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Balances
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