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10 Sale 48 units. 15 Purchase 33 units at $84 20 Sale 17 units 24 Sale 18 units. 30 Purchase 27 units at $88 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units a in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and the Inventory Unit Cost column. Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Cost of Cost of Quantity Quantity Purchases Purchases Purchased Unit Cost Total Cost Goods Sold Goods Sold Inventory Inventory Inventory Unit Cost Total Cost Quantity Unit Cost Total Cost Sold Date Nov. 1 Nov. 10 Nov. 15 15 X Nov. 20 Nov 24 0 000 000 0 000

10 Sale 48 units. 15 Purchase 33 units at $84 20 Sale 17 units 24 Sale 18 units. 30 Purchase 27 units at $88 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units a in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and the Inventory Unit Cost column. Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Cost of Cost of Quantity Quantity Purchases Purchases Purchased Unit Cost Total Cost Goods Sold Goods Sold Inventory Inventory Inventory Unit Cost Total Cost Quantity Unit Cost Total Cost Sold Date Nov. 1 Nov. 10 Nov. 15 15 X Nov. 20 Nov 24 0 000 000 0 000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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November 1 Inventory 59 units at $81 10 Sale 48 units. 15 Purchase 33 units at $84 20 Sale 17 units 24 Sale 18 units 30 Purchase 27 units at $88 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Cost of Cost of Quantity Purchases Purchases Purchased Unit Cost Total Cost Quantity Goods Sold Goods Sold Inventory Inventory Inventory Sold Unit Cost Total Cost Quantity Unit Cost Total Cost Date Nov. 1 Nov. 10 O Nov. 15 15 X Nov. 20 EE DD Nov. 24 8 Nov. 30 000 00 00
Transcribed Image Text:November 1 Inventory 59 units at $81 10 Sale 48 units. 15 Purchase 33 units at $84 20 Sale 17 units 24 Sale 18 units 30 Purchase 27 units at $88 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Cost of Cost of Quantity Purchases Purchases Purchased Unit Cost Total Cost Quantity Goods Sold Goods Sold Inventory Inventory Inventory Sold Unit Cost Total Cost Quantity Unit Cost Total Cost Date Nov. 1 Nov. 10 O Nov. 15 15 X Nov. 20 EE DD Nov. 24 8 Nov. 30 000 00 00
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