Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the

Question

Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the FIFO inventory costing method. Start by entering the beginning inventory balances. Enter the transactions in chronological? order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual?record, calculate the quantity and total cost of merchandise inventory? purchased, sold, and on hand at the end of the period. . Aug 1 Beginning Merchandise Inventory 12 books @ $14 each; Aug 3 : Sold 4 books @ $18 each; Aug 12 Purchased 8 books @20 each; Aug 15 sold 9 books @$18 each; Aug 20 Purchased 5 books @ $29; Aug 28 Sold 6 books @ $20 each (Purchases, Cost of Goods, Inventory on Hand)

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Inventory management (Fifo Method) Opening Inventory Purchases Sales Clsoing Date Quantity Rate Amount Date Quantity Rates Amount Date Quantity Rates Amount Date Quantity Rate Amount Aug-01 12 14 168 Aug-01 12 14 168 Aug-03 4 18 72 Aug-03 8 14 112 Aug-12 8 20 160 Aug-12 8 14 112 Aug-12 8 20 160 Aug-15 9 18 162 Aug-15 7 20 140 Aug-20 5 29 145 Aug-20 7 20 140 Aug-20 5 29 145 Aug-28 6 20 120 Aug-20 1 20 20 Aug-20 5 29 145 Summary Amount Purchase 305 Sales 354 Closing Stock 165 COGS 308

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Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the FIFO inventory costing method

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Inventory management (Fifo Method)
Opening Inventory	Purchases	Sales	Clsoing
Date	Quantity	Rate	Amount	Date	Quantity	Rates	Amount	Date	Quantity	Rates	Amount	Date	Quantity	Rate	Amount
Aug-01	12	14	168									Aug-01	12	14	168

								Aug-03	4	18	72	Aug-03	8	14	112

				Aug-12	8	20	160					Aug-12	8	14	112
												Aug-12	8	20	160

								Aug-15	9	18	162	Aug-15	7	20	140

				Aug-20	5	29	145					Aug-20	7	20	140
												Aug-20	5	29	145

								Aug-28	6	20	120	Aug-20	1	20	20
												Aug-20	5	29	145