Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory. 39 units @ $57 10 Sale 30 units 15 TE Purchase 23 units@ $60 20 Sale 24 Sale 30 Purchase. 13 units 9 units 36 units@ $62 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. Quantity Date Purchased Apr. 1 Apr. 10 Apr. 15 Apr. 20 Apr. 24 Apr. 30 Apr. 30 Balances Purchases Purchases Total Unit Cost Cost 0 0 Perpetual Inventory Account First-in, First-out Method Portable Game Players Quantity Cost of Merchandise Sold E Cost of Cost of Merchandise Merchandise Sold Sold Unit Cost Total Cost 000 000 Inventory Inventory Quantity 100000 000 00000 000 Inventory Total Cost 000000000 b. Based upon the preceding data, would you expect the ending inventory to be higher or lower using the last-in, first-out method?

Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory. 39 units @ $57 10 Sale 30 units 15 TE Purchase 23 units@ $60 20 Sale 24 Sale 30 Purchase. 13 units 9 units 36 units@ $62 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. Quantity Date Purchased Apr. 1 Apr. 10 Apr. 15 Apr. 20 Apr. 24 Apr. 30 Apr. 30 Balances Purchases Purchases Total Unit Cost Cost 0 0 Perpetual Inventory Account First-in, First-out Method Portable Game Players Quantity Cost of Merchandise Sold E Cost of Cost of Merchandise Merchandise Sold Sold Unit Cost Total Cost 000 000 Inventory Inventory Quantity 100000 000 00000 000 Inventory Total Cost 000000000 b. Based upon the preceding data, would you expect the ending inventory to be higher or lower using the last-in, first-out method?

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:Inventory39 units @ $5730 units23 units @ $6013 unitsDateApr. 1Apr. 10Apr. 15Apr. 11015Apr. 20Apr. 24Apr. 30202430Apr. 30 BalancesS

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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