erpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory   Purchases   Sales   May 1 2,100 units at $29 May 10 1,050 units at $31 May 12 1,470 units            20 945 units at $33        14 1,260 units                31 630 units Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of 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. Schedule of Cost of Merchandise SoldFIFO MethodPrepaid Cell Phones

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A: Inventory includes all the items, merchandise, and raw materials that are used by the business…

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A: Step 1:FIFO means first in, first out: It means goods that are bought first are sold first. The FIFO…

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A: Schedule of Cost of Goods Sold LIFO method Prepaid Cell Phones            Date QuantityPurchased…

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Q: Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game…

A: The inventory can be valued using various methods as FIFO, LIFO and average method. Using FIFO…

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A: FIFO & LIFO Method: First in, first-out (FIFO) is an accounting approach in which assets that…

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A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…

Q: Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game…

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A: Under FIFO Method, using perpetual inventory system, cost of goods sold and value of ending…

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A: Under FIFO method the oldest products in inventory have been sold first.

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A: Calculating the ending inventory and cost of goods sold using the FIFO  is as follows:

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A: Under the LIFO method, the newest products in inventory are sold first.

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A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

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A: Under the LIFO method, the newest products in inventory are sold first.

Q: Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for DVD players are as…

A: The objective of the question is to calculate the cost of goods sold (COGS) and the inventory…

Q: Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD…

A: Perpetual Inventory System:   Perpetual Inventory System refers to the inventory system that…

Q: a.  Determine the cost of the goods sold for each sale and the inventory balance after each sale,…

A: Perpetual Inventory System:   Perpetual Inventory System refers to the inventory system that…

Q: Perpetual inventory using LIFO Beginning inventory, purchases, and sales data for flat screen…

A: Under Last in First Out method (LIFO), the inventory which was purchased last has to expensed of…

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A: Last In First Out  (LIFO) : Under this method ,materials last received are issued first. Thus…

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A: Step 1: Introduction to inventory valuation Inventory valuation is referred to as that method that…

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A: Inventory is valued on the basis of different inventory valuation methods such as LIFO, FIFO, or…

Q: Béğinning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory…

A: The inventory system may be perpetual or periodic. Under perpetual inventory system, the inventory…

Q: ng inventory, purchases, and sales data for portable game players are as follows: Apr. 1…

A: Answer : (a)  FIFO Method : Date Purchase     Cost of good sold     Inventory       Unit Unit…

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.