156. Beginning inventory, purchases and sales data for hammers are as follows:
Mar 3Inventory12 units@$25.00
11Purchase13 units@$27.00
14Sale18 units
21Purchase9 units@$30.00
25Sale10 units
Assuming the business maintains a
perpetual
inventory system, complete the inventory cards and calculate the cost of merchandise sold and ending inventory under the following assumptions:
a. First-in, first-out
Purchases
Cost of
Merchandise Sold
Inventory
Date
Qty
Unit Cost
Total Cost
Qty
Unit Cost
Total Cost
Qty
Unit Cost
Total Cost
Mar 3
Mar 11
Mar 14
Mar 21
Mar 25
Balances
b. Last-in, first-out
Purchases
Cost of
Merchandise Sold
Inventory
Date
Qty
Unit Cost
Total Cost
Qty
Unit Cost
Total Cost
Qty
Unit Cost
Total Cost
Mar 3
Mar 11
Mar 14
Mar 21
Mar 25
Balances
157. The units of an item available for sale during the year were as follows:
Jan. 1Inventory20 units at $45
Mar. 4Purchase10 units at $50
June 7Purchase30 units at $58
Nov. 15Purchase15 units at $65
There are 25 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost using FIFO.