Respuesta :
Answer:
$124
Explanation:
Companies using perpetual inventory system normally have an inventory card known as perpetual inventory card for determing the quantity of inventory purchased, amount of inventory purchased, sold inventory and remaining inventory.
Under the perpetual inventory system they are two type of transactions for a sold merchandise:
- the sales amount is debited to Accounts Receivable or Cash and is credited to Sales, and
- the cost of the merchandise sold is debited to Cost of Goods Sold and is credited to Inventory. (Note: Under the periodic system the second entry is not made.)
With perpetual FIFO, the beginning costs are the normally moved from the Inventory account and debited to the Cost of Goods Sold account.
Given that:
The company has inventory of 10 units at a cost of $10 each on June 1, purchased units at $12 and then sold 12 units on June 5.
The company would sell 10 units at $10 and the remaining 2 units at $12
The cost of the 12 units that were sold = (10 units × $10) + (2 units × $12) = $100 + $24 = $124
The cost of 12 units that were sold is 124.
Calculation of the number of units sold:
Since A company has inventory of 10 units at a cost of $10 each on June 1. On June 3, they purchased 20 units at $12 each. 12 units are sold on June 5.
So,
= Number of units * price + number of units * price
= 10 * 10 + 2* 12
= 100 + 24
= 124
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