Perpetual Inventory System Assignment | Top Universities

Assume that Toys Galore store-bought and sold a line of dolls during December as follows: (Click the icon to view the transactions.) Toys Galore uses a perpetual inventory system. Read the requirements. Unce all of tne transactions nave peen entered into the perpetual record,

calculate the quantity and total cost of merchandise inventory purchased, sold, and on and at the end of the period. (Enter the oldest inventory layers first.) Purchases Unit Cost Total Cost Cost of Goods Sold Unit Total Quantity Cost Cost Quantity Date Dec. 1 Dec. 81 Dec. 14 8 $ 9 $ 72 Inventory on Hand Unit Total Quantity Cost Cost 13 $ 9 $ 117 $ 9 $ 45 $ 9$ 45 $ 14$ $ 14 $ 98 16 $ 14$ 224 Dec. 21 $ $ 9 $ 14$ $ 45 126 243 Totals 16 $_ 224 22 $ 98 Compute the gross profit using the using the FIFO inventory costing method. Gross profit is $ L using the FIFO inventory costing method. Enter any number in the edit fields and then click Check Answer. parts remaining Clear All Check Answer. Get Accounting Homework Help Today