Periodic fifo and, dateactivitiesunits acquired at costunits sold at retail jan1, Accounting Basics

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Periodic fifo and

Date Activities Units Acquired at Cost Units Sold at Retail
Jan. 1 Beginning inventory 155 units @ $12.20 = $ 1,891
Jan. 10 Sales 145 units @$42.20
Mar. 14 Purchase 305 units @ $17.20 = 5,246
Mar. 15 Sales 195 units @$42.20
July 30 Purchase 455 units @ $22.20 = 10,101
Oct. 5 Sales 245 units @$42.20
Oct. 26 Purchase 655 units @ $27.20 = 17,816

Totals 1,570 units $ 35,054 585 units

PERIODIC FIFO and LIFO

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