6-1 FIFO

# 6-1 FIFO - 60 \$23 \$1,380 70 \$23 \$1 \$23 \$1,150 20 \$23 \$460...

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Problem 6-1A Name: Section: Enter the appropriate amount or item in the shaded cells. If the Total Cost of the Inventory is incorrect for any date, an asterisk (*) will appear ONLY to the right of the Total Cost column 1. Use the table to determine the Cost of Merchandise Sold and the ending inventory balance. Date Purchases Cost of Merchandise Sold Inventory Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 50 \$20 \$1,000 7 200 \$22 \$4,400 50 \$20 \$1,000 200 \$22 \$4,400 20 50 \$20 \$1,000 40 \$22 \$880 160 \$22 \$3,520 30 110 \$22 \$2,420 50 \$22 \$1,100 Feb. 8 20 \$22 \$440 30 \$22 \$660 10 130 \$23 \$2,990 30 \$22 \$660 130 \$23 \$2,990 27 30 \$22 \$660

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Unformatted text preview: 60 \$23 \$1,380 70 \$23 \$1,610 28 50 \$23 \$1,150 20 \$23 \$460 Mar. 5 180 \$24 \$4,320 20 \$23 \$460 180 \$24 \$4,320 13 20 \$23 \$460 70 \$24 \$1,680 110 \$24 \$2,640 23 100 \$26 \$2,600 110 \$24 \$2,640 100 \$26 \$2,600 30 80 \$24 \$1,920 30 \$24 \$720 100 \$24 \$2,600 31 Balances \$11,990 \$3,320 Total cost of merchandise sold: \$11,990 2. Use the journal page below to prepare the journal entry. JOURNAL Page 1 Date Description Post Ref. Debit Credit Accounts Receivable 23,410 Sales 23,410 Cost of Merchandise Sold 11,990 Merchandise Inventory 11,990 3. Gross Profit for the sales period: \$11,420 4. Ending Inventory Cost: \$3,320...
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6-1 FIFO - 60 \$23 \$1,380 70 \$23 \$1 \$23 \$1,150 20 \$23 \$460...

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