Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 30 Purchase 12 units 33 units at $84 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. Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 Nov. 24 Nov. 30 Nov. 30 Balances 40 units at $75 31 units 24 units at $79 14 units Cost of Quantity Purchases Purchases Quantity Goods Sold Purchased Unit Cost Total Cost Sold Unit Cost 0 Cost of the Goods Sold Schedule First-in, First-out Method DVD Players U 38 Cost of Goods Sold Inventory Inventory Inventory Total Cost Quantity Unit Cost Total Cost 00000000 00000000 Accounting numeric field b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method?

Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 30 Purchase 12 units 33 units at $84 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. Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 Nov. 24 Nov. 30 Nov. 30 Balances 40 units at $75 31 units 24 units at $79 14 units Cost of Quantity Purchases Purchases Quantity Goods Sold Purchased Unit Cost Total Cost Sold Unit Cost 0 Cost of the Goods Sold Schedule First-in, First-out Method DVD Players U 38 Cost of Goods Sold Inventory Inventory Inventory Total Cost Quantity Unit Cost Total Cost 00000000 00000000 Accounting numeric field b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method?

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Description: Beginning inventory, purchases, and sales data for DVD players are as follows:November 1InventoryDateNov. 1Nov. 10Nov. 15Nov. 201015Nov. 24Nov. 30202430SaleNov. 30 BalancesPurchase12 units33 units at $84The business maintains a perpetual inventory s

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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