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MIAMI DADE COLLEGE

WILSON CAMPUS
ACG 2021 – QUIZ #3
NAME: ____________________________________________________
DATE: _______________
PROBLEM #1
Beginning inventory, purchases and sales data for portable MP3 players as as follows:
Month
Date
Units
Cost
January
1
Inventory
20
$50
6
Purchase
30
51
17
Sale
32
20
Purchase
50
53
21
Purchase
40
54
24
Sale
42
27
Sale
48
30
Sale
9
30
Purchase
25
55
INSTRUCTIONS:
The business maintains a perpetual inventory system, costing by the last-in, first-out method.
Determine the cost of merchandise sold for each sale and ending inventory balance after each sale,
presenting the data in the attached inventory worksheet.

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MIAMI DADE COLLEGE

WILSON CAMPUS
ACG 2021 – QUIZ #3
PROBLEM #1
PURCHASES
COST OF GOOD SOLD
INVENTORY
DATE
QTY
UNIT COST TOTAL COST
QTY
UNIT COST TOTAL COST
QTY
UNIT COST
TOTAL COST
1/1
20
50
1000
1/6
30
51
1530
20
50
1000
30
51
1530
1/17
30
51
1530
2
50
100
18
50
900
1/19
50
53
2650
0
18
50
900
50
53
2650
1/21
40
54
2160
18
50
900
50
53
2650
40
54
2160
1/24
40
54
2160
2
53
106
18
50
900
48
53
2544
1/27
48
53
2544
18
50
900
1/30
9
50
450
9
50
450
1/30
60
55
3300
9
50
450
60
55
3300

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