(Question and Answer): 3. (5 points) The following show the purchase-sales of a single item of inventory On August, 20×6. Using this information as a basis, complete perpetual i

3. (5 points) The following show the purchase-sales of a single item of inventory On August, 20×6. Using this information as a basis, complete perpetual inventory records valuing ending inventory and cost of sales using FIFO and LIFO control. Proof the calculations using inventory available less ending inventory to find cost of sales calculation for both methods. Use the following tables to complete the inventory valuation.

date purchased sales balance unit cost
8/01/20×6 3 $20.00
8/07/20×6 6 9 $25.00
8/15/20×6 4 5
8/21/20×6 3 2
8/29/20×6 10 12 $26.00
date purchase-recieved issued-sales blanace available

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(Question and Answer): 3. (5 points) The following show the purchase-sales of a single item of inventory On August, 20×6. Using this information as a basis, complete perpetual i
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units x cost = total cost

8/01/20×6 bal. fwd
8/07/20×6
8/15/20×6
8/21/20×6
8/30/20×6
ending purchases= CS= EI=

FIFO Proof

Beginning Inventory + Purchases = inventory available – ending inventory = CS

$ + $ = $ – $ = $

Expert Answer

 

Calculation of Ending Inventory: FIFO
Date Purchases Sales Balance
Units PU Total Cost Units PU Total Cost Units PU Total Cost
8-01-20×6 3 20 60
8-07-20×6 6 27.5 165 3 20 60
6 27.5 165 (Balancing Figure)
225 (25*9)
8-15-20×6 3 20 60 5 27.5 137.5
1 27.5 27.5
8-21-20×6 3 27.5 82.5 2 27.5 55
8-29-20×6 10 25.7 257 2 27.5 55
10 25.7 257 (Balancing Figure)
312 (12*26)
Total 19 482 7 170 12 312
Proof Beginning Inventory Purchase Inventory Available Ending Inventory CS
60 422 482 170 312
Calculation of Ending Inventory: LIFO
Date Purchases Sales Balance
Units PU Total Cost Units PU Total Cost Units PU Total Cost
8-01-20×6 3 20 60
8-07-20×6 6 27.5 165 3 20 60
6 27.5 165 (Balancing Figure)
225 (25*9)
8-15-20×6 4 27.5 110 3 20 60
2 27.5 55
8-21-20×6 3 20 60 2 27.5 55
8-29-20×6 10 25.7 257 2 27.5 55
10 25.7 257 (Balancing Figure)
312 (12*26)
Total 19 482 7 170 12 312
Proof Beginning Inventory Purchase Inventory Available Ending Inventory CS
60 422 482 170 312

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