Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 75 units at $46 10 Sale 56 units 15 Purchase 33 units at $49 20 Sale 23 units 24 Sale 12 units 30 Purchase 37 units at $52 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Question Content Area 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 ScheduleFirst-in, First-out MethodDVD Players Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Nov. 1 fill in the blank fc4c7bfe6fe9001_1 fill in the blank fc4c7bfe6fe9001_2 fill in the blank fc4c7bfe6fe9001_3 Nov. 10 fill in the blank fc4c7bfe6fe9001_4 fill in the blank fc4c7bfe6fe9001_5 fill in the blank fc4c7bfe6fe9001_6 fill in the blank fc4c7bfe6fe9001_7 fill in the blank fc4c7bfe6fe9001_8 fill in the blank fc4c7bfe6fe9001_9 Nov. 15 fill in the blank fc4c7bfe6fe9001_10 fill in the blank fc4c7bfe6fe9001_11 fill in the blank fc4c7bfe6fe9001_12 fill in the blank fc4c7bfe6fe9001_13 fill in the blank fc4c7bfe6fe9001_14 fill in the blank fc4c7bfe6fe9001_15 fill in the blank fc4c7bfe6fe9001_16 fill in the blank fc4c7bfe6fe9001_17 fill in the blank fc4c7bfe6fe9001_18 Nov. 20 fill in the blank fc4c7bfe6fe9001_19 fill in the blank fc4c7bfe6fe9001_20 fill in the blank fc4c7bfe6fe9001_21 fill in the blank fc4c7bfe6fe9001_22 fill in the blank fc4c7bfe6fe9001_23 fill in the blank fc4c7bfe6fe9001_24 fill in the blank fc4c7bfe6fe9001_25 fill in the blank fc4c7bfe6fe9001_26 fill in the blank fc4c7bfe6fe9001_27 Nov. 24 fill in the blank fc4c7bfe6fe9001_28 fill in the blank fc4c7bfe6fe9001_29 fill in the blank fc4c7bfe6fe9001_30 fill in the blank fc4c7bfe6fe9001_31 fill in the blank fc4c7bfe6fe9001_32 fill in the blank fc4c7bfe6fe9001_33 Nov. 30 fill in the blank fc4c7bfe6fe9001_34 fill in the blank fc4c7bfe6fe9001_35 fill in the blank fc4c7bfe6fe9001_36 fill in the blank fc4c7bfe6fe9001_37 fill in the blank fc4c7bfe6fe9001_38 fill in the blank fc4c7bfe6fe9001_39 fill in the blank fc4c7bfe6fe9001_40 fill in the blank fc4c7bfe6fe9001_41 fill in the blank fc4c7bfe6fe9001_42 Nov. 30 Balances fill in the blank fc4c7bfe6fe9001_43 fill in the blank fc4c7bfe6fe9001_44 Question Content Area 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 75 units at $46 10 Sale 56 units 15 Purchase 33 units at $49 20 Sale 23 units 24 Sale 12 units 30 Purchase 37 units at $52 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Question Content Area 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 ScheduleFirst-in, First-out MethodDVD Players Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Nov. 1 fill in the blank fc4c7bfe6fe9001_1 fill in the blank fc4c7bfe6fe9001_2 fill in the blank fc4c7bfe6fe9001_3 Nov. 10 fill in the blank fc4c7bfe6fe9001_4 fill in the blank fc4c7bfe6fe9001_5 fill in the blank fc4c7bfe6fe9001_6 fill in the blank fc4c7bfe6fe9001_7 fill in the blank fc4c7bfe6fe9001_8 fill in the blank fc4c7bfe6fe9001_9 Nov. 15 fill in the blank fc4c7bfe6fe9001_10 fill in the blank fc4c7bfe6fe9001_11 fill in the blank fc4c7bfe6fe9001_12 fill in the blank fc4c7bfe6fe9001_13 fill in the blank fc4c7bfe6fe9001_14 fill in the blank fc4c7bfe6fe9001_15 fill in the blank fc4c7bfe6fe9001_16 fill in the blank fc4c7bfe6fe9001_17 fill in the blank fc4c7bfe6fe9001_18 Nov. 20 fill in the blank fc4c7bfe6fe9001_19 fill in the blank fc4c7bfe6fe9001_20 fill in the blank fc4c7bfe6fe9001_21 fill in the blank fc4c7bfe6fe9001_22 fill in the blank fc4c7bfe6fe9001_23 fill in the blank fc4c7bfe6fe9001_24 fill in the blank fc4c7bfe6fe9001_25 fill in the blank fc4c7bfe6fe9001_26 fill in the blank fc4c7bfe6fe9001_27 Nov. 24 fill in the blank fc4c7bfe6fe9001_28 fill in the blank fc4c7bfe6fe9001_29 fill in the blank fc4c7bfe6fe9001_30 fill in the blank fc4c7bfe6fe9001_31 fill in the blank fc4c7bfe6fe9001_32 fill in the blank fc4c7bfe6fe9001_33 Nov. 30 fill in the blank fc4c7bfe6fe9001_34 fill in the blank fc4c7bfe6fe9001_35 fill in the blank fc4c7bfe6fe9001_36 fill in the blank fc4c7bfe6fe9001_37 fill in the blank fc4c7bfe6fe9001_38 fill in the blank fc4c7bfe6fe9001_39 fill in the blank fc4c7bfe6fe9001_40 fill in the blank fc4c7bfe6fe9001_41 fill in the blank fc4c7bfe6fe9001_42 Nov. 30 Balances fill in the blank fc4c7bfe6fe9001_43 fill in the blank fc4c7bfe6fe9001_44 Question Content Area b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method?

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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Question Content Area

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 ScheduleFirst-in, First-out MethodDVD Players

Date	Quantity Purchased	Purchases Unit Cost	Purchases Total Cost	Quantity Sold	Cost of Goods Sold Unit Cost	Cost of Goods Sold Total Cost	Inventory Quantity	Inventory Unit Cost	Inventory Total Cost
Nov. 1							fill in the blank fc4c7bfe6fe9001_1	fill in the blank fc4c7bfe6fe9001_2	fill in the blank fc4c7bfe6fe9001_3
Nov. 10				fill in the blank fc4c7bfe6fe9001_4	fill in the blank fc4c7bfe6fe9001_5	fill in the blank fc4c7bfe6fe9001_6	fill in the blank fc4c7bfe6fe9001_7	fill in the blank fc4c7bfe6fe9001_8	fill in the blank fc4c7bfe6fe9001_9
Nov. 15	fill in the blank fc4c7bfe6fe9001_10	fill in the blank fc4c7bfe6fe9001_11	fill in the blank fc4c7bfe6fe9001_12				fill in the blank fc4c7bfe6fe9001_13	fill in the blank fc4c7bfe6fe9001_14	fill in the blank fc4c7bfe6fe9001_15
							fill in the blank fc4c7bfe6fe9001_16	fill in the blank fc4c7bfe6fe9001_17	fill in the blank fc4c7bfe6fe9001_18
Nov. 20				fill in the blank fc4c7bfe6fe9001_19	fill in the blank fc4c7bfe6fe9001_20	fill in the blank fc4c7bfe6fe9001_21	fill in the blank fc4c7bfe6fe9001_22	fill in the blank fc4c7bfe6fe9001_23	fill in the blank fc4c7bfe6fe9001_24
				fill in the blank fc4c7bfe6fe9001_25	fill in the blank fc4c7bfe6fe9001_26	fill in the blank fc4c7bfe6fe9001_27
Nov. 24				fill in the blank fc4c7bfe6fe9001_28	fill in the blank fc4c7bfe6fe9001_29	fill in the blank fc4c7bfe6fe9001_30	fill in the blank fc4c7bfe6fe9001_31	fill in the blank fc4c7bfe6fe9001_32	fill in the blank fc4c7bfe6fe9001_33
Nov. 30	fill in the blank fc4c7bfe6fe9001_34	fill in the blank fc4c7bfe6fe9001_35	fill in the blank fc4c7bfe6fe9001_36				fill in the blank fc4c7bfe6fe9001_37	fill in the blank fc4c7bfe6fe9001_38	fill in the blank fc4c7bfe6fe9001_39
							fill in the blank fc4c7bfe6fe9001_40	fill in the blank fc4c7bfe6fe9001_41	fill in the blank fc4c7bfe6fe9001_42
Nov. 30	Balances					fill in the blank fc4c7bfe6fe9001_43			fill in the blank fc4c7bfe6fe9001_44

Question Content Area

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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November 1	Inventory	75 units at $46
10	Sale	56 units
15	Purchase	33 units at $49
20	Sale	23 units
24	Sale	12 units
30	Purchase	37 units at $52