Please Help me figure if my answers are correct and the ones that I am missing. All the yellow cells must have an answer.
Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Each yellow cell must include a formula using cell references, EVEN IF THE FORMULA RESULT IS ZERO
Units Cost per Total Cost purchase unit of Purchase
Units Sold
Selling Price per
Total Sales
Date Jan.1: Beginning Jan.11: Sales Jan.15: Purchase Jan.17: Sales Jan.21: Purchase Jan.23: Sales : Totals
200:
$10.:
$2,000 :
160
$30
$4,800
300
12
3,600
240
$30
7,200
350
14
4,900
320 720
$30
9,600 $21,600
850
$10,500
Cost of Goods Sold - Perpetual FIFO:
Units Sold
@
Cost per unit
Cost of Goods
Calculate cost of goods sold for the January 11 sale of 160 units
160 units @ 240 units @ units @
$10 per unit = $12 units @ $10 units @ Total $14 units @ $12 units @ $10 units @ Total
$1,600 2,880
Calculate cost of goods sold for the January 17 sale of 240 units
$2,880 $4,480 0 0 $4,480 $8,960
Calculate cost of goods sold for the January 23 sale of 320 units.
320 - 0
units @ units @ units @
Total Cost of Goods Sold for January - 720 units
Ending Inventory - Perpetual FIFO:
Units in @ Ending Inventory units @ 60 units @ units @ Total Ending Inventory for January - 130 units
Cost per unit
Inventory Balance
$10 units @ $12 units @ $14 units @
720