Question

Fast Mart, a regional convenience store chain, maintains milk inventory by the gallon. The first month's milk purchases and sales at its Old Saybrook, Connecticut, location follow: i (Click the icon to view the purchases and sales.) Read the requirements. Requirement 1. Determine the amount that would be reported in ending merchandise inventory on May 15 using the FIFO inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter all amounts to the nearest cent, $X.XX. Enter the oldest inventory layers first.)

please clean graph preferred to be typed, please

Answer 1

Date Quantity May-028 Purchases Unit Cost 1.8 Total Cost 14.4 Cost of Goods Sold Inventory on Hand Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 1.8 14.4 6 1 2.25 2.25 1.8 14.4 2.25 1 2.25 3 1.8 5.4 1.8 2.25 2.25 13 2 2.65 5.3 1.8 2.25 2.65 9 2.25 5.3 14 1.8 7.2 1.8 2.25 2.65 1.8 2.25 5.3 Totals 21.95 12.6 9.35

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