# (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 Don't use plagiarized sources. Get Your Custom Essay on (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 Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! 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

\$ + \$ = \$ – \$ = \$

 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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