Beginning inventory, purchases, and sales data for portable game players are as follows: Inventory Apr. 1 10 15 20 24 30 Sale Purchase Sale Sale Purchase 51 units @ $75 35 units 20 units @ $80 22 units 6 units 21 units@ $83 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.
Beginning inventory, purchases, and sales data for portable game players are as follows: Inventory Apr. 1 10 15 20 24 30 Sale Purchase Sale Sale Purchase 51 units @ $75 35 units 20 units @ $80 22 units 6 units 21 units@ $83 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Beginning inventory, purchases, and sales data for portable game players are as follows:
Inventory
51 units @ $75
35 units
20 units @ $80
Apr. 1
10
15
20
24
30
Sale
Purchase
Sale
Sale
Purchase
22 units
6 units
21 units@ $83
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
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