Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 59 units at $81 10 Sale 48 units 15 Purchase 33 units at $84 20 Sale 17 units 24 Sale 18 units 30 Purchase 27 units at $88 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, 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. Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Cost of Cost of Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Inventory Inventory Purchased Unit Cost Total Cost Sold Unit Cost Total Cost Quantity Unit Cost Total Cost Date Nov. 1 Nov. 10 Nov. 15 Nov. 20
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 59 units at $81 10 Sale 48 units 15 Purchase 33 units at $84 20 Sale 17 units 24 Sale 18 units 30 Purchase 27 units at $88 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, 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. Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Cost of Cost of Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Inventory Inventory Purchased Unit Cost Total Cost Sold Unit Cost Total Cost Quantity Unit Cost Total Cost Date Nov. 1 Nov. 10 Nov. 15 Nov. 20
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
TE
Beginning inventory, purchases, and sales data for DVD players are as follows:
November 1
Inventory
59 units at $81
10
Sale
48 units
15
Purchase
33 units at $84
20
Sale
17 units
24
Sale
18 units
30
Purchase
27 units at $88
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,
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.
Cost of the Goods Sold Schedule
First-in, First-out Method
DVD Players
Cost of
Cost of
Quantity
Purchases Purchases Quantity Goods Sold Goods Sold Inventory Inventory Inventory
Purchased Unit Cost
Total Cost
Sold
Unit Cost
Total Cost
Quantity
Unit Cost
Total Cost
Date
Nov. 1
Nov. 10
Nov. 15
Nov. 20](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8fa3c2f3-5601-420c-966e-14c1c788064c%2F2abd5951-b7e6-4124-9633-a9e8fd9e7d08%2Fli6ca5_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Perpetual Inventory Using FIFO
TE
Beginning inventory, purchases, and sales data for DVD players are as follows:
November 1
Inventory
59 units at $81
10
Sale
48 units
15
Purchase
33 units at $84
20
Sale
17 units
24
Sale
18 units
30
Purchase
27 units at $88
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,
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.
Cost of the Goods Sold Schedule
First-in, First-out Method
DVD Players
Cost of
Cost of
Quantity
Purchases Purchases Quantity Goods Sold Goods Sold Inventory Inventory Inventory
Purchased Unit Cost
Total Cost
Sold
Unit Cost
Total Cost
Quantity
Unit Cost
Total Cost
Date
Nov. 1
Nov. 10
Nov. 15
Nov. 20
![Nov. 24
Nov. 30
Nov. 30 Balances](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8fa3c2f3-5601-420c-966e-14c1c788064c%2F2abd5951-b7e6-4124-9633-a9e8fd9e7d08%2F9g58nd_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Nov. 24
Nov. 30
Nov. 30 Balances
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