Perpetual Inventory Using FIFOBeginning inventory, purchases, and sales data for portable DVD players are as follows:Apr. 1 Inventory45 units @ $7710 Sale30 units15 Purchase23 units @ $8120 Sale22 units24 Sale8 units30 Purchase37 units @ $85The business maintains a perpetual inventory system, costing by the first-in, first-out method.Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3.a. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column.Cost of the Merchandise Sold ScheduleFirst-in, First-out MethodPortable DVD PlayersDateQuantity PurchasedPurchases Unit CostPurchases Total CostQuantity Cost of Merchandise SoldCost of Merchandise Sold Unit CostCost of Merchandise Sold Total CostInventory QuantityInventory Unit CostInventory Total CostApr. 1 fill in the blank 7ee181f5afe3f93_1$fill in the blank 7ee181f5afe3f93_2$fill in the blank 7ee181f5afe3f93_3Apr. 10 fill in the blank 7ee181f5afe3f93_4$fill in the blank 7ee181f5afe3f93_5$fill in the blank 7ee181f5afe3f93_6fill in the blank 7ee181f5afe3f93_7fill in the blank 7ee181f5afe3f93_8fill in the blank 7ee181f5afe3f93_9Apr. 15fill in the blank 7ee181f5afe3f93_10$fill in the blank 7ee181f5afe3f93_11$fill in the blank 7ee181f5afe3f93_12 fill in the blank 7ee181f5afe3f93_13fill in the blank 7ee181f5afe3f93_14fill in the blank 7ee181f5afe3f93_15 fill in the blank 7ee181f5afe3f93_16fill in the blank 7ee181f5afe3f93_17fill in the blank 7ee181f5afe3f93_18Apr. 20 fill in the blank 7ee181f5afe3f93_19fill in the blank 7ee181f5afe3f93_20fill in the blank 7ee181f5afe3f93_21fill in the blank 7ee181f5afe3f93_22fill in the blank 7ee181f5afe3f93_23fill in the blank 7ee181f5afe3f93_24 fill in the blank 7ee181f5afe3f93_25fill in the blank 7ee181f5afe3f93_26fill in the blank 7ee181f5afe3f93_27 Apr. 24 fill in the blank 7ee181f5afe3f93_28fill in the blank 7ee181f5afe3f93_29fill in the blank 7ee181f5afe3f93_30fill in the blank 7ee181f5afe3f93_31fill in the blank 7ee181f5afe3f93_32fill in the blank 7ee181f5afe3f93_33Apr. 30fill in the blank 7ee181f5afe3f93_34fill in the blank 7ee181f5afe3f93_35fill in the blank 7ee181f5afe3f93_36 fill in the blank 7ee181f5afe3f93_37fill in the blank 7ee181f5afe3f93_38fill in the blank 7ee181f5afe3f93_39 fill in the blank 7ee181f5afe3f93_40fill in the blank 7ee181f5afe3f93_41fill in the blank 7ee181f5afe3f93_42Apr. 30Balances $fill in the blank 7ee181f5afe3f93_43 $fill in the blank 7ee181f5afe3f93_44b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method?

Name: Perpetual Inventory Using FIFOBeginning inventory, purchases, and sale
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Perpetual Inventory Using FIFOBeginning inventory, purchases, and sales data for portable DVD players are as follows:Apr. 1 Inventory45 units @ $7710 Sale30 units15 Purchase23 units @ $8120 Sale22 units24 Sale8 units30 Purchase37 units @ $85The busin

FIFO:- FIFO means, First-In-First-Out. This is a method used in valuating the inventory in the store…

Answered: Based upon the preceding data, would…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales data for portable DVD players are as follows:

Apr. 1	Inventory	45 units @ $77
10	Sale	30 units
15	Purchase	23 units @ $81
20	Sale	22 units
24	Sale	8 units
30	Purchase	37 units @ $85

The business maintains a perpetual inventory system, costing by the first-in, first-out method.

Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3.

a. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column.

Cost of the Merchandise Sold Schedule
First-in, First-out Method
Portable DVD Players
Date	Quantity Purchased	Purchases Unit Cost	Purchases Total Cost	Quantity Cost of Merchandise Sold	Cost of Merchandise Sold Unit Cost	Cost of Merchandise Sold Total Cost	Inventory Quantity	Inventory Unit Cost	Inventory Total Cost
Apr. 1							fill in the blank 7ee181f5afe3f93_1	$fill in the blank 7ee181f5afe3f93_2	$fill in the blank 7ee181f5afe3f93_3
Apr. 10				fill in the blank 7ee181f5afe3f93_4	$fill in the blank 7ee181f5afe3f93_5	$fill in the blank 7ee181f5afe3f93_6	fill in the blank 7ee181f5afe3f93_7	fill in the blank 7ee181f5afe3f93_8	fill in the blank 7ee181f5afe3f93_9
Apr. 15	fill in the blank 7ee181f5afe3f93_10	$fill in the blank 7ee181f5afe3f93_11	$fill in the blank 7ee181f5afe3f93_12				fill in the blank 7ee181f5afe3f93_13	fill in the blank 7ee181f5afe3f93_14	fill in the blank 7ee181f5afe3f93_15
							fill in the blank 7ee181f5afe3f93_16	fill in the blank 7ee181f5afe3f93_17	fill in the blank 7ee181f5afe3f93_18
Apr. 20				fill in the blank 7ee181f5afe3f93_19	fill in the blank 7ee181f5afe3f93_20	fill in the blank 7ee181f5afe3f93_21	fill in the blank 7ee181f5afe3f93_22	fill in the blank 7ee181f5afe3f93_23	fill in the blank 7ee181f5afe3f93_24
				fill in the blank 7ee181f5afe3f93_25	fill in the blank 7ee181f5afe3f93_26	fill in the blank 7ee181f5afe3f93_27
Apr. 24				fill in the blank 7ee181f5afe3f93_28	fill in the blank 7ee181f5afe3f93_29	fill in the blank 7ee181f5afe3f93_30	fill in the blank 7ee181f5afe3f93_31	fill in the blank 7ee181f5afe3f93_32	fill in the blank 7ee181f5afe3f93_33
Apr. 30	fill in the blank 7ee181f5afe3f93_34	fill in the blank 7ee181f5afe3f93_35	fill in the blank 7ee181f5afe3f93_36				fill in the blank 7ee181f5afe3f93_37	fill in the blank 7ee181f5afe3f93_38	fill in the blank 7ee181f5afe3f93_39
							fill in the blank 7ee181f5afe3f93_40	fill in the blank 7ee181f5afe3f93_41	fill in the blank 7ee181f5afe3f93_42
Apr. 30	Balances					$fill in the blank 7ee181f5afe3f93_43			$fill in the blank 7ee181f5afe3f93_44

b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method?

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.