Bramble Lane Outfitters Ltd. (perpetual, FIFO), trail shoes, March: 1 Mar opening 40 pairs @ 52; 8 Mar purchase 60 @ 55; 12 Mar sale of 70; 20 Mar purchase 50 @ $58; 27 Mar sale of 45. Complete the FIFO schedule.
Bramble Lane Outfitters Ltd. (perpetual, FIFO), trail shoes, March: 1 Mar opening 40 pairs @ 52; 8 Mar purchase 60 @ 55; 12 Mar sale of 70; 20 Mar purchase 50 @ $58; 27 Mar sale of 45. Complete the FIFO schedule.
Answer
Cost of goods sold, 12 March → 3730 · Cost of goods sold, 27 March → 2520 · Cost of goods sold for March → 6250 · Ending inventory, 31 March → 2030
Cells - Cost of goods sold, 12 March · ±0 - Cost of goods sold, 27 March · ±0 - Cost of goods sold for March · ±0 - Ending inventory, 31 March · ±0 Consume layers oldest-first. 12 Mar: 40 × 52 + 30 × 55 = **3,730**, leaving 30 @ 55. 27 Mar: 30 × 55 + 15 × 58 = **2,520**, leaving 35 @ 58. March COGS = 3,730 + 2,520 = **6,250**; ending inventory = 35 × 58 = **2,030** — the newest cost.
Hermanson Vol 1 ch 7 (FIFO under perpetual and periodic); Lyryx Intermediate FA Vol 1 §7.3.2 (cost formulas); Dauderis & Annand §6.1, §6.6; verified-facts.md V5 (s.3031 cost formulas) (concept map H8, H9, H11)