Question

45 85 g. L C00 9. Steel Mill began august with 50 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions: Units Unit Cost Unit Sale Price Aug. 3 Sale $85 8 Purchase se 90 $54 21 Sale 88 30 Purchase 15 58 a. Prepare a perpetual inventory record for the inventory using the FIFO inventory costing method, then determine cost of goods sold, ending inventory and gross profit. Inventory on Hand Cost of Goods Sold Purchases Unit Total Total Quantity Date Unit Total Quantity Quantity Unit Cost Cost Cost Cost Cost Cost Aug 1 Aug 3 Aug 8 Aug 21 Aug 30 Totals Gross Profit:

Answer 1

9. Steel Mill

Date	Purchases			Cost of Goods Sold			Inventory on Hand
	Quantity	Unit cost	Total Cost	Quantity	Unit cost	Total Cost	Quantity	Unit cost	Total Cost
Aug. 1							50	35	1750
Aug. 3				45	35	1575	5	35	175
Aug. 8	90	54	4860				5	35	175
							90	54	4860
Aug. 21				5	35	175	10	54	540
				80	54	4320
Aug. 30	15	58	870				10	54	540
							15	58	870
Totals						6070			1410

Gross profit: $5235

Sales revenue		11305
45 x $85	3825
85 x $88	7480
Cost of goods sold		6070
Gross profit		5235

Per HOMEWORKLIB RULES, the first question has been answered. Please post the remaining independent question separately. Thank you.