Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 53 units at $71 10 Sale 34 units 15 Purchase 22 units at $75 20 Sale 28 units 24 Sale 10 units 30 Purchase 21 units at $78 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the 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 an in the Inventory Unit Cost column.
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 53 units at $71 10 Sale 34 units 15 Purchase 22 units at $75 20 Sale 28 units 24 Sale 10 units 30 Purchase 21 units at $78 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the 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 an in the Inventory Unit Cost column.
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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![Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales data for DVD players are as follows:
November 1
Inventory
53 units at $71
10
Sale
34 units
15
Purchase
22 units at $75
20
Sale
28 units
24
Sale
10 units
30
Purchase
21 units at $78
The business maintains a perpetual inventory system, costing by the first-in, first-out method.
a. Determine the cost of the goods cold 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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F894bdf24-0c9c-43db-b9aa-e938851cce9d%2F0adf6659-77ea-49c5-b254-73e60ae99a61%2Fxpsjp9_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales data for DVD players are as follows:
November 1
Inventory
53 units at $71
10
Sale
34 units
15
Purchase
22 units at $75
20
Sale
28 units
24
Sale
10 units
30
Purchase
21 units at $78
The business maintains a perpetual inventory system, costing by the first-in, first-out method.
a. Determine the cost of the goods cold 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.
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