Beginning inventory, purchases, and sales data for portable game players are as follows: Аprг. 1 Inventory 38 units @ $61 10 Sale 32 units 15 Purchase 19 units @ $63 20 Sale 14 units 24 Sale 6 units 30 Purchase 32 units @ $66 The business maintains a perpetual inventory system, costing by the first-in, first-out method.
Beginning inventory, purchases, and sales data for portable game players are as follows: Аprг. 1 Inventory 38 units @ $61 10 Sale 32 units 15 Purchase 19 units @ $63 20 Sale 14 units 24 Sale 6 units 30 Purchase 32 units @ $66 The business maintains a perpetual inventory system, costing by the first-in, first-out method.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
![Perpetual Inventory Using FIFO
TE E
Beginning inventory, purchases, and sales data for portable game players are as follows:
Apr. 1
Inventory
38 units @ $61
10
Sale
32 units
15
Purchase
19 units @ $63
20
Sale
14 units
24
Sale
6 units
30
Purchase
32 units @ $66
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdf8057f4-1641-4109-80c5-bc33783bff86%2F27f6186b-540c-4671-ab2c-c85d880d45f8%2Ffnuqrzj_processed.png&w=3840&q=75)
Transcribed Image Text:Perpetual Inventory Using FIFO
TE E
Beginning inventory, purchases, and sales data for portable game players are as follows:
Apr. 1
Inventory
38 units @ $61
10
Sale
32 units
15
Purchase
19 units @ $63
20
Sale
14 units
24
Sale
6 units
30
Purchase
32 units @ $66
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
Cost of
Cost of
Merchandise Merchandise
Purchases
Purchases
Inventory
Inventory
Merchandise
Sold
Sold
Quantity
Unit
Total
Inventory
Unit
Total
Sold
Unit Cost
Total Cost
Date
Purchased
Cost
Cost
Quantity
Cost
Cost
Apr. 1
38 V $
61
2,318
Apr. 10
32
61
1,952
61
366
Apr. 15
19
63
1,197
61
366
19
63
1,197
Apr. 20
61
366
11
63
693
8 V
63
504
Apr. 24
63
378
5
63
315
Apr. 30
32
66
2,112
63
315
32
66
2,112
Apr. 30 Balances
378 X
2,112 X
> > >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdf8057f4-1641-4109-80c5-bc33783bff86%2F27f6186b-540c-4671-ab2c-c85d880d45f8%2F71v3bpi_processed.png&w=3840&q=75)
Transcribed Image Text:Perpetual Inventory Account
First-in, First-out Method
Portable Game Players
Quantity
Cost of
Cost of
Cost of
Merchandise Merchandise
Purchases
Purchases
Inventory
Inventory
Merchandise
Sold
Sold
Quantity
Unit
Total
Inventory
Unit
Total
Sold
Unit Cost
Total Cost
Date
Purchased
Cost
Cost
Quantity
Cost
Cost
Apr. 1
38 V $
61
2,318
Apr. 10
32
61
1,952
61
366
Apr. 15
19
63
1,197
61
366
19
63
1,197
Apr. 20
61
366
11
63
693
8 V
63
504
Apr. 24
63
378
5
63
315
Apr. 30
32
66
2,112
63
315
32
66
2,112
Apr. 30 Balances
378 X
2,112 X
> > >
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