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

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Description: Perpetual Inventory Using FIFOTEBeginning inventory, purchases, and sales data for DVD players are as follows:November 1Inventory59 units at $8110Sale48 units15Purchase33 units at $8420Sale17 units24Sale18 units30Purchase27 units at $88The business

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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