A Company Reported the Current Month Purchase and Sales Data

question 132

Essay

A company reported the current month purchase and sales data for its only product and uses the perpetual inventory system.Determine the cost assigned to ending inventory and cost of goods sold using FIFO.
$\begin{array}{|l|l|l|l|}\hline \text { Date } & \text { Activities } & \text { Units Acquired at Cost } & \text { Units Sold at Retail } \\\hline \text { Apri11 } & \text { Beginning Inventory } & 175 \text { units@\$15.00 } & \\\hline 4 & \text { Purchase } & 150 \text { units@\$16.00 } & \\\hline 7 & \text { Sales } & & 160 \text { units @\$30.00 } \\\hline 10 & \text { Purchase } & 200 \text { units@\$17.00 } & \\\hline 16 & \text { Sales } & &250 \text { units@\$30.00 } \\\hline 25 & \text { Purchase } &160 \text { units@\$18.00 } & \\\hline 128 & \text { Sales } &&150 \text { units@ } \$ 32.00\\\hline \end{array}$

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Definitions:

Desired Behaviour

The specific actions or reactions that an individual or organization aims to elicit from others, often through guidance, incentive, or training.

Positive Reinforcement

The process of encouraging or increasing a behavior by presenting a favorable outcome or reward upon the occurrence of the behavior.

Inventory Of Rewards

A catalog or list of rewards and incentives available within an organization, intended to motivate and acknowledge employee contributions.

Contingent Reinforcement

The provision of rewards or consequences based on the occurrence of a specific behavior, used as a strategy to increase or decrease that behavior.