Maurice Tutor

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    Oct-2001 - Nov-2016

Category > Accounting Posted 06 Aug 2017 My Price 7.00

Keats Office Supplies

FIFO Perpetual Inventory

The beginning inventory of merchandise at Keats Office Supplies and data on purchases and sales for a three-month period ending May 31, 2014, are as follows:

Date   Transaction Number
of Units		 Per Unit Total
March 1   Inventory 42   $600   $25,200  
10   Purchase 84   720   60,480  
28   Sale 56   2,000   112,000  
30   Sale 35   2,000   70,000  
April 5   Purchase 70   800   56,000  
10   Sale 42   2,000   84,000  
16   Sale 21   2,000   42,000  
28   Purchase 70   880   61,600  
May 5   Sale 42   2,100   88,200  
14   Sale 56   2,100   117,600  
25   Purchase 126   960   120,960  
30   Sale 63   2,100   132,300  

Required:

1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. If units are in inventory at two different costs, enter the OLDEST units first.

Answers

Maurice Tutor
(5)
Status NEW Posted 06 Aug 2017 11:08 AM My Price 7.00

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