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< Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: Nov. 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 30 Purchase 78 units at $91 61 units 38 units at $96 22 units 26 units 25 units at $102 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of goods 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 Goods Sold Unit Cost column and in the Inventory Unit Cost column. First-in, First-out Method DVD Players Cost of Cost of Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Goods Sold Goods Sold Inventory Unit Cost Total Cost Quantity Inventory Inventory Unit Cost Total Cost Date Nov. 1 Nov. 10 78 91 7,098 ✔ 61 91 5,551 17 ✓ 91 1,547 Nov. 15 38 V 96 ✓ 3,648 X

< Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: Nov. 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 30 Purchase 78 units at $91 61 units 38 units at $96 22 units 26 units 25 units at $102 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of goods 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 Goods Sold Unit Cost column and in the Inventory Unit Cost column. First-in, First-out Method DVD Players Cost of Cost of Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Goods Sold Goods Sold Inventory Unit Cost Total Cost Quantity Inventory Inventory Unit Cost Total Cost Date Nov. 1 Nov. 10 78 91 7,098 ✔ 61 91 5,551 17 ✓ 91 1,547 Nov. 15 38 V 96 ✓ 3,648 X

FINANCIAL ACCOUNTING
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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< Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: Nov. 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 30 Purchase 78 units at $91 61 units 38 units at $96 22 units 26 units 25 units at $102 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of goods 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 Goods Sold Unit Cost column and in the Inventory Unit Cost column. First-in, First-out Method DVD Players Cost of Cost of Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Goods Sold Goods Sold Inventory Unit Cost Total Cost Quantity Inventory Inventory Unit Cost Total Cost Date Nov. 1 Nov. 10 78 91 7,098 ✔ 61 91 5,551 17 ✓ 91 1,547 Nov. 15 38 V 96 ✓ 3,648 X
Transcribed Image Text:< Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: Nov. 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 30 Purchase 78 units at $91 61 units 38 units at $96 22 units 26 units 25 units at $102 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of goods 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 Goods Sold Unit Cost column and in the Inventory Unit Cost column. First-in, First-out Method DVD Players Cost of Cost of Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Goods Sold Goods Sold Inventory Unit Cost Total Cost Quantity Inventory Inventory Unit Cost Total Cost Date Nov. 1 Nov. 10 78 91 7,098 ✔ 61 91 5,551 17 ✓ 91 1,547 Nov. 15 38 V 96 ✓ 3,648 X
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