Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 35 units at $70 10 Sale 28 units 15 Purchase 15 units at $74 20 Sale 12 units 24 Sale 6 units 30 Purchase 21 units at $78 The business maintains a perpetual inventory system, costing by the first-in, first-out method.

Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 35 units at $70 10 Sale 28 units 15 Purchase 15 units at $74 20 Sale 12 units 24 Sale 6 units 30 Purchase 21 units at $78 The business maintains a perpetual inventory system, costing by the first-in, first-out method.

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Description: Perpetual Inventory Using FIFOBeginning inventory, purchases, and sales data for DVD players are as follows:November 1Inventory35 units at $7010Sale28 units15Purchase15 units at $7420Sale12 units24Sale6 units30Purchase21 units at $78The business mai

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 portable DVD players are as follows: Apr. 1 Inventory 52 units @ $74 10 Sale 37 units 15 Purchase 23 units @ $77 20 Sale 20 units 24 Sale 12 units 30 Purchase 35 units @ $81 The business maintains a perpetual inventory system, costing by the first-in, first-out method. 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. a. 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. Cost of the Merchandise Sold Schedule First-in, First-out Method Portable DVD 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…
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Perpetual inventory using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows: 69 units at $46 51 units Nov. 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 30 Purchase The business maintains a perpetual inventory system, costing by the last-in, first-out method. 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 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 Nov. 24 Nov. 30 U 83 units at $48 46 units 12 units 29 units at $50 Cost of Cost of Inventory Inventory Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Unit Cost Total Cost Purchased Unit Cost Total Cost Sold Unit Cost Total Cost Quantity Nov. 30 Balances LIFO Method DVD Players