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
Chapter10: Inventory
Section: Chapter Questions
Problem 5PA: Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to...
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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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc591c30f-3b37-44b3-852f-9472e625265f%2Ff81a732d-e3bd-40b0-a8ec-7212443e516b%2Fl0c3k9_processed.jpeg&w=3840&q=75)
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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