Question

connect.mheduca Wamerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Units Sold at Retail Mar. 1 Beeinning Mar. 5 Purchase r: 9 Sales Mar. 18 Purchase 90 unitss5e.80 per 220 units inventory unit s55.80 per unit 250 unitse s85.8e per unit 80 units e $68.80 per unit 140 units $62.80 per unit 120 units s95.80 per 370 units unit 530 units 3. Compute the cost assigned to ending inventory using ralFIFO.bILIFO (Cwe ghted average, and (oi specific identi cific identification the March 9 sale consisted of 60 units from beginning inventory and 190 units from the March 5 purchase, the March 29 sale consisted of 40 units from the March 18 purchose and 80units from the March 25 purchase

Answer 1

Perpetual FIFO Inventory Schedule

Inventory Schedule
FIFO (First in first out) Method
	Goods Purchased			Cost of goods sold			Inventory Balance
	# of Units	Cost per unit	Total Cost ($)	# of Units	Cost per unit	Cost of goods sold ($)	# of Units	Cost per unit	Inventory Balance ($)
Mar 1							90	50.80	4,572
Mar 5	220	55.80	12,276				90	50.80	4,572
							220	55.80	12,276
Mar 9				90	50.80	4,572	60	55.80	3,348
				160	55.80	8,928
Mar 18	80	60.80	4,864				60	55.80	3,348
							80	60.80	4,864
Mar 25	140	62.80	8,792				60	55.80	3,348
							80	60.80	4,864
							140	62.80	8,792
Mar 29				60	55.80	3,348	20	60.80	1,216
				60	60.80	3,648	140	62.80	8,792
TOTAL						20,496	160		10,008