Use FIFO in perpetual inventory system to prepare the following based on transactions 1-4 Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 1-Mar 400 30.00 12,000.00 5-Mar 15-Mar 20-Mar 31-Mar Balances 1 March 5 Purchased 200 units at $31.50. 2 March 15 sold 500 units at $45.00 3 March 20 purchased 300 units at $32.50 4 Provide final balance for Cost of Goods Sold and March 31 Inventory

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Use FIFO in perpetual inventory system to prepare the following based on transactions 1-4
Purchases
Cost of Goods Sold
Inventory
Date
Quantity
Unit Cost
Total Cost
Quantity
Unit Cost
Total Cost
Quantity
Unit Cost
Total Cost
1-Mar
400
30.00
12,000.00
5-Mar
15-Mar
20-Mar
31-Mar Balances
1 March 5 Purchased 200 units at $31.50.
2 March 15 sold 500 units at $45.00
3 March 20 purchased 300 units at $32.50
4 Provide final balance for Cost of Goods Sold and March 31 Inventory
Transcribed Image Text:Use FIFO in perpetual inventory system to prepare the following based on transactions 1-4 Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 1-Mar 400 30.00 12,000.00 5-Mar 15-Mar 20-Mar 31-Mar Balances 1 March 5 Purchased 200 units at $31.50. 2 March 15 sold 500 units at $45.00 3 March 20 purchased 300 units at $32.50 4 Provide final balance for Cost of Goods Sold and March 31 Inventory
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