Question

The following transactions occurred for the month of May.

Date			Units	Cost	Total	Sales Price
1-May	Beginning Balance		70	15	$1,050
2-May	Purchase		75	11	$825
3-May	Purchase		85	12	$1,020
10-May	Sale		150			$35
15-May	Purchase		40	18	$720
17-May	Sale		50			$35
30-May	Sale		40			$35

Create a perpetual inventory record then calculate the Cost of Goods Sold, Ending inventory, and Gross Profit for the month under FIFO

	Purchases			Cost of Goods Sold			Inventory on Hand
Dates	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost
May 1
May 2
May 3
May 10
May 15
May 17
May 30

End of the month totals

Cost of Goods Sold	$
Ending Inventory	$
Gross Profit	$

Answer 1

Purchases Cost of Goods Sold Inventory on Hand Total Dates Quantity Unit Cost Total Cost Quantity Unit Cost Quantity Unit Cost Total Cost Cost May-01 70 $15.00 $1,050.00 $11.00$825.00 May-0275 145 $12.93$1,875.00 230 $12.59 2,895.00 May-0385$12.00 $1,020.00 150 $12.90 $1,9358 80 $12.00 $960.00 120 $14.00$1,680.00 May-10 $18.00 $720.00 May-1540 $12 $600 $14 $540 70 $15.43$1,080.00 May-17 50 $18.00 | $540.00 May-30 40 30 $3,075 $540 Cost of goods sold Ending Invento $5,325 Gross profit $8,400 Sales (150+50+40) x 35 $3,075 $5,325 (-) COGS Gross Profit