A company's inventory records show the following data for the month of April.
Date
April 1
Activities
Beginning inventory
April 5
Purchase
Units Acquired at Cost
460 units @ $18 = $8,280
400 units @ $20 = $8,000
Units Sold at Retail
April 9
Sale
610 units @ $55
April 14
Purchase
360 units @ $22 = $7,920
April 20
Sale
310 units @ $55
April 30
Purchase
350 units @ $25 = $8,750
If the company uses the first-in, first-out (FIFO) method and the perpetual inventory system, what would be the cost of the ending
inventory?
Goods purchased
Cost of Goods Sold
Inventory Balance
Date
Number of Cost per
units
unit
Number
of units
sold
Cost per
unit
Cost of Goods
Sold
+
Number of
units
Cost per
unit
Inventory
Balance
460 at
April 1
400 at $ 20.00
April 5
Total April 5
April 9
Total April 9
360 at $ 22.00
April 14
460 at
$ 18.00
610 at
$ 20.00 =
$ 8,280.00
12,200.00
$ 20,480.00
$ 18.00 =
460 at $ 18.00 =
$ 20.00 =
400 at
$ 8,280.00
$ 8,280.00
8,000.00
$ 16,280.00
at
$ 20.00 =
at
$ 20.00 =