## Answers

FIFO - PERPETUAL METHOD | |||||||||||||||

COST OF GOODS AVAILABLE FOR SALE | COST OF GOODS SOLD - AUGUST 14 | COST OF GOODS SOLD - AUGUST 25 | TOTAL COST OF GOODS SOLD | ENDING INVENTORY | |||||||||||

Date | Particulars | No. of Units | Cost Per unit | Total | No. of Units | Cost Per unit | Cost of Goods Sold | No. of Units | Cost Per unit | Cost of Goods Sold | No. of Units | Cost Per unit | Ending invetory | ||

Aug, 01 | Beginning inventory | 2300 | $ 6.40 | $14,720 | 2300 | $ 6.40 | $14,720 | $14,720 | |||||||

Purchases: | |||||||||||||||

Aug, 08 | Purchases | 11500 | $ 5.80 | $66,700 | 6900 | $ 5.80 | $40,020 | 4600 | $ 5.80 | $26,680 | $66,700 | ||||

Aug, 18 | Purchases | 6900 | $ 5.00 | $34,500 | 3600 | $ 5.00 | $18,000 | $18,000 | 3300 | $ 5.00 | $16,500 | ||||

Aug, 28 | Purchases | 4300 | $ 5.80 | $24,940 | 4300 | $ 5.80 | $24,940 | ||||||||

Total | 25,000 | $1,40,860 | 9,200 | $54,740 | 8,200 | $44,680 | $99,420 | 7,600 | $41,440 | ||||||

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