Perpetual Inventory Using FIFOBeginning inventory, purchases, and sales data for portable game players are as follows:Apr. 1 Inventory60 units @ $8110 Sale49 units15 Purchase31 units @ $8520 Sale20 units24 Sale14 units30 Purchase31 units @ $89The business maintains a perpetual inventory system, costing by the first-in, first-out method.Question Content Areaa. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column.Perpetual Inventory AccountFirst-in, First-out MethodPortable Game PlayersDateQuantityPurchasedPurchasesUnitCostPurchasesTotalCostQuantityCost ofMerchandiseSoldCost ofMerchandiseSoldUnit CostCost ofMerchandiseSoldTotal CostInventoryQuantityInventoryUnitCostInventoryTotalCostApr. 1 fill in the blank 68e477ff4ff1015_1$fill in the blank 68e477ff4ff1015_2$fill in the blank 68e477ff4ff1015_3Apr. 10 fill in the blank 68e477ff4ff1015_4$fill in the blank 68e477ff4ff1015_5$fill in the blank 68e477ff4ff1015_6fill in the blank 68e477ff4ff1015_7fill in the blank 68e477ff4ff1015_8fill in the blank 68e477ff4ff1015_9Apr. 15fill in the blank 68e477ff4ff1015_10$fill in the blank 68e477ff4ff1015_11$fill in the blank 68e477ff4ff1015_12 fill in the blank 68e477ff4ff1015_13fill in the blank 68e477ff4ff1015_14fill in the blank 68e477ff4ff1015_15 fill in the blank 68e477ff4ff1015_16fill in the blank 68e477ff4ff1015_17fill in the blank 68e477ff4ff1015_18Apr. 20 fill in the blank 68e477ff4ff1015_19fill in the blank 68e477ff4ff1015_20fill in the blank 68e477ff4ff1015_21fill in the blank 68e477ff4ff1015_22fill in the blank 68e477ff4ff1015_23fill in the blank 68e477ff4ff1015_24 fill in the blank 68e477ff4ff1015_25fill in the blank 68e477ff4ff1015_26fill in the blank 68e477ff4ff1015_27 Apr. 24 fill in the blank 68e477ff4ff1015_28fill in the blank 68e477ff4ff1015_29fill in the blank 68e477ff4ff1015_30fill in the blank 68e477ff4ff1015_31fill in the blank 68e477ff4ff1015_32fill in the blank 68e477ff4ff1015_33Apr. 30fill in the blank 68e477ff4ff1015_34fill in the blank 68e477ff4ff1015_35fill in the blank 68e477ff4ff1015_36 fill in the blank 68e477ff4ff1015_37fill in the blank 68e477ff4ff1015_38fill in the blank 68e477ff4ff1015_39 fill in the blank 68e477ff4ff1015_40fill in the blank 68e477ff4ff1015_41fill in the blank 68e477ff4ff1015_42Apr. 30Balances $fill in the blank 68e477ff4ff1015_43 $fill in the blank 68e477ff4ff1015_44 Question Content Areab. Based upon the preceding data, would you expect the ending inventory to be higher or lower using the last-in, first-out method?

Name: Perpetual Inventory Using FIFOBeginning inventory, purchases, and sale
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Description: Perpetual Inventory Using FIFOBeginning inventory, purchases, and sales data for portable game players are as follows:Apr. 1 Inventory60 units @ $8110 Sale49 units15 Purchase31 units @ $8520 Sale20 units24 Sale14 units30 Purchase31 units @ $89The bus

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

Answered: ng inventory, purchases, and sales data…

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 3E: Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for DVD players are as...

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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 AccountFirst-in, First-out MethodPortable Game Players

Date	Quantity Purchased	Purchases Unit Cost	Purchases Total Cost	Quantity Cost of Merchandise Sold	Cost of Merchandise Sold Unit Cost	Cost of Merchandise Sold Total Cost	Inventory Quantity	Inventory Unit Cost	Inventory Total Cost
Apr. 1							fill in the blank 68e477ff4ff1015_1	$fill in the blank 68e477ff4ff1015_2	$fill in the blank 68e477ff4ff1015_3
Apr. 10				fill in the blank 68e477ff4ff1015_4	$fill in the blank 68e477ff4ff1015_5	$fill in the blank 68e477ff4ff1015_6	fill in the blank 68e477ff4ff1015_7	fill in the blank 68e477ff4ff1015_8	fill in the blank 68e477ff4ff1015_9
Apr. 15	fill in the blank 68e477ff4ff1015_10	$fill in the blank 68e477ff4ff1015_11	$fill in the blank 68e477ff4ff1015_12				fill in the blank 68e477ff4ff1015_13	fill in the blank 68e477ff4ff1015_14	fill in the blank 68e477ff4ff1015_15
							fill in the blank 68e477ff4ff1015_16	fill in the blank 68e477ff4ff1015_17	fill in the blank 68e477ff4ff1015_18
Apr. 20				fill in the blank 68e477ff4ff1015_19	fill in the blank 68e477ff4ff1015_20	fill in the blank 68e477ff4ff1015_21	fill in the blank 68e477ff4ff1015_22	fill in the blank 68e477ff4ff1015_23	fill in the blank 68e477ff4ff1015_24
				fill in the blank 68e477ff4ff1015_25	fill in the blank 68e477ff4ff1015_26	fill in the blank 68e477ff4ff1015_27
Apr. 24				fill in the blank 68e477ff4ff1015_28	fill in the blank 68e477ff4ff1015_29	fill in the blank 68e477ff4ff1015_30	fill in the blank 68e477ff4ff1015_31	fill in the blank 68e477ff4ff1015_32	fill in the blank 68e477ff4ff1015_33
Apr. 30	fill in the blank 68e477ff4ff1015_34	fill in the blank 68e477ff4ff1015_35	fill in the blank 68e477ff4ff1015_36				fill in the blank 68e477ff4ff1015_37	fill in the blank 68e477ff4ff1015_38	fill in the blank 68e477ff4ff1015_39
							fill in the blank 68e477ff4ff1015_40	fill in the blank 68e477ff4ff1015_41	fill in the blank 68e477ff4ff1015_42
Apr. 30	Balances					$fill in the blank 68e477ff4ff1015_43			$fill in the blank 68e477ff4ff1015_44

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b. Based upon the preceding data, would you expect the ending inventory to be higher or lower using the last-in, first-out method?

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Apr. 1	Inventory	60 units @ $81
10	Sale	49 units
15	Purchase	31 units @ $85
20	Sale	20 units
24	Sale	14 units
30	Purchase	31 units @ $89

ng inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 60 units @ $81 10 Sale 49 units 15 Purchase 31 units @ $85 20 Sale 20 units 24 Sale 14 units 30 Purchase 31 units @ $

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