a) Fill in the missing numbers in the inventory schedule using the first in, first out (FIFO) inventory valuation method for the month. This company uses the perpetual inventory system.
Do not enter dollar signs or commas in the input boxes.
Round all answers to 2 decimal places.
For transactions 4 and 5, always put the previously purchased items in the first row and put the newly purchased items in the second row.
| Inventory Schedule | |||||||
| Purchases | Sales | Balance | |||||
| Transaction | Description | Quantity | Amount | Quantity | Amount | Quantity | Amount |
| Opening Balance | 0 | $ 0 | |||||
| #1 | Purchase from CDE Co. | 290 | $2,900.00 | Answer | $Answer | Answer | $Answer |
| #2 | Sale to QRS Co. | Answer | $Answer | Answer | $Answer | 100 | $1,000.00 |
| #3 | Sale to FGH Co. | Answer | $Answer | 39 | $Answer | Answer | $Answer |
| #4 | Purchase from LMN Co. | Answer | $Answer | Answer | $Answer | Answer | $Answer |
| 117 | $1,872.00 | Answer | $Answer | Answer | $Answer | ||
| #5 | Sale to VUW Co. | Answer | $Answer | 61 | $Answer | Answer | $Answer |
| Answer | $Answer | 42 | $Answer | Answer | $Answer | ||
b) What is the total value of the COGS for the month?
COGS = $Answer
c) What is the total value of ending inventory?
Ending Inventory = $ Answer
It’s that simple.Pay only when you are satisfied.
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