Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 45 units @ $44 10 Sale 38 units 15 Purchase 23 units @ $46 20 Sale 13 units 24 Sale 13 units 30 Purchase 20 units © $48 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. 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. 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. Perpetual Inventory Account First-in, First-out Method Portable Game Players Quantity Cost of Purchases Purchases COM OF Merchandise Merchandise Merchandise Sold Inventory Inventory Quantity Unit Total Total Sold Unit Cost Date Purchased Cost Cost Cost Apr 1 Apr 10 Apr 15 Apr 20 Apr 24 Apr 30 BE Apr 30 Balances b. Based upon the preceding data, would you expect the ending inventory to be higher or lower using the last-in, first-out method? 0 0 000 000 Ü 10 000 0 100 000 Cost of Total Cost Inventory Quantity 00000000

Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 45 units @ $44 10 Sale 38 units 15 Purchase 23 units @ $46 20 Sale 13 units 24 Sale 13 units 30 Purchase 20 units © $48 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. 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. 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. Perpetual Inventory Account First-in, First-out Method Portable Game Players Quantity Cost of Purchases Purchases COM OF Merchandise Merchandise Merchandise Sold Inventory Inventory Quantity Unit Total Total Sold Unit Cost Date Purchased Cost Cost Cost Apr 1 Apr 10 Apr 15 Apr 20 Apr 24 Apr 30 BE Apr 30 Balances b. Based upon the preceding data, would you expect the ending inventory to be higher or lower using the last-in, first-out method? 0 0 000 000 Ü 10 000 0 100 000 Cost of Total Cost Inventory Quantity 00000000

Name: Perpetual Inventory Using FIFOBeginning inventory, purchases, and sal
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Description: Perpetual Inventory Using FIFOBeginning inventory, purchases, and sales data for portable game players are as follows:Apr. 1Inventory45 units @ $4410Sale38 units15Purchase23 units @ $4620Sale13 units24Sale13 units30Purchase20 units @ $48The business

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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