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 |
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:
|