Perpetual Inventory Using FIFOTE EBeginning inventory, purchases, and sales data for portable game players are as follows:Apr. 1Inventory38 units @ $6110Sale32 units15Purchase19 units @ $6320Sale14 units24Sale6 units30Purchase32 units @ $66The 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 arein 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 AccountFirst-in, First-out MethodPortable Game PlayersQuantityCost ofCost ofCost ofMerchandise MerchandisePurchasesPurchasesInventoryInventoryMerchandiseSoldSoldQuantityUnitTotalInventoryUnitTotalSoldUnit CostTotal CostDatePurchasedCostCostQuantityCostCostApr. 138 V $612,318Apr. 1032611,95261366Apr. 1519631,1976136619631,197Apr. 206136611636938 V63504Apr. 2463378563315Apr. 3032662,1126331532662,112Apr. 30 Balances378 X2,112 X> > >

Name: Perpetual Inventory Using FIFOTE EBeginning inventory, purchases, and
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Description: Perpetual Inventory Using FIFOTE EBeginning inventory, purchases, and sales data for portable game players are as follows:Apr. 1Inventory38 units @ $6110Sale32 units15Purchase19 units @ $6320Sale14 units24Sale6 units30Purchase32 units @ $66The busin

FIFO Method: FIFO stands for “First-In, First-Out”. it's a technique used for cost flow assumption…

Business

Accounting

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.

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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