Date Description Units Purchased at Cost Units Sold at Retail June 1 Beginning Inventory 150 units @ $10 = $1,500 Purchase 1 200 units @ $12 = $2,400 14 Sale 1 300 units @ $25 22 Purchase 2 250 units @ $17 = $4,250 29 Sale 2 225 units @ $25

Date Description Units Purchased at Cost Units Sold at Retail June 1 Beginning Inventory 150 units @ $10 = $1,500 Purchase 1 200 units @ $12 = $2,400 14 Sale 1 300 units @ $25 22 Purchase 2 250 units @ $17 = $4,250 29 Sale 2 225 units @ $25

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

100%

1 ) Cost of goods sold

2 ) Ending inventory

Follow FIFO

Date
Description
Units Purchased at Cost
Units Sold at Retail
June 1
Beginning Inventory
150 units © $10 = $1,500
9
Purchase 1
200 units @ $12 - $2,400
14
Sale 1
300 units @ $25
22
Purchase 2
250 units @ $17 = $4,250
29
Sale 2
225 units @ $25

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