Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 59 units at $88 10 Sale 47 units 15 Purchase 35 units at $92 20 Sale 21 units 24 Sale 16 units 30 Purchase 26 units at $97 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.
Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 59 units at $88 10 Sale 47 units 15 Purchase 35 units at $92 20 Sale 21 units 24 Sale 16 units 30 Purchase 26 units at $97 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Beginning inventory, purchases, and sales data for DVD players are as follows:
| November 1 | Inventory | 59 units at $88 | |
| 10 | Sale | 47 units | |
| 15 | Purchase | 35 units at $92 | |
| 20 | Sale | 21 units | |
| 24 | Sale | 16 units | |
| 30 | Purchase | 26 units at $97 |
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.
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