#1 Accounting 1A Chapter 6 – Inventories Inventory Calculations Practice Problems 1 The company uses the perpetual inventory system. Inventory Costing Methods – Perpetual Inventory System Date Units...

#1
    Accounting 1A
    Chapter 6 – Inventories
    Inventory Calculations Practice Problems 1
    The company uses the perpetual inventory system.
    Inventory Costing Methods – Perpetual Inventory System
    Date        Units        Unit Cost
    7/1/21    Beginning Inventory    0
    7/5/21    Purchase    5,000    units at    $100
    7/15/21    Sale 1    500
    7/20/21    Purchase    400    units at    $105
    7/23/21    Sale 2    1,000
    7/25/21    Purchase    800    units at    $110
    7/30/21    Sale 3    1,200
    Total Cost of Merchandise Purchased During the Month                            
                        Amount
    7/5/21    Purchase    5,000    units at    $100    $500,000
    7/20/21    Purchase    400    units at    $105    $42,000
    7/25/21    Purchase    800    units at    $110    $88,000
                Total        $630,000
    Total Number of Units Available During the Month
        6,200
            Units
    7/5/21    Purchase    5,000
    7/20/21    Purchase    400
    7/25/21    Purchase    800
        Total    6,200
    Total Units Sold During the Month
        2700
    Date        Units
    7/15/21    Sale 1    500
    7/23/21    Sale 2    1,000
    7/30/21    Sale 3    1,200
        Total    2700
    Total Units in Ending Inventory at July 31
        3,500
        Total Units available    6,200
        Less: Units sold     2700
        Ending Inventory    3,500
    Cost of Goods Sold for the Month Under FIFO                Cost of Ending Inventory under FIFO
        270000                360000
    Date        Units        Unit Cost    Balance
    7/1/21    Beginning Inventory    0            0    0    0
    7/5/21    Purchase    5,000    units at    $100    5000    100    500000
    7/15/21    Sale...