Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: Nov. 1 Inventory 10 Sale 39 units at $100 31 units 18 units at $106 13 units 24 Sale 10 units 30 Purchase 34 units at $111 The business maintains a perpetual inventory system, costing by the first-in, first-out method. 15 Purchase 20 Sale a. 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 3. Under FIFO, if units are in inventory at two diffe the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. First-in, First-out Method DVD Players
Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: Nov. 1 Inventory 10 Sale 39 units at $100 31 units 18 units at $106 13 units 24 Sale 10 units 30 Purchase 34 units at $111 The business maintains a perpetual inventory system, costing by the first-in, first-out method. 15 Purchase 20 Sale a. 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 3. Under FIFO, if units are in inventory at two diffe the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. First-in, First-out Method DVD Players
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
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![Perpetual inventory using FIFO
Beginning inventory, purchases, and sales data for DVD players are as follows:
39 units at $100
Nov. 1 Inventory
Date
Nov. 1
Nov. 10
Nov. 15
10 Sale
Nov. 20
15 Purchase
Nov. 24
Nov. 30
20 Sale
10 units
34 units at $111
The business maintains a perpetual inventory system, costing by the first-in, first-out method.
24 Sale
30 Purchase
a. 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 3. Under FIFO, if units are in inventory at two differe
the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column.
31 units
18 units at $106
13 units
Nov. 30 Balances
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
36](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F22adc21b-b856-43f6-bede-dd008b67b41b%2Fcaaee75f-9078-4a98-af7c-b68d11774473%2Fgfk4c26_processed.png&w=3840&q=75)
Transcribed Image Text:Perpetual inventory using FIFO
Beginning inventory, purchases, and sales data for DVD players are as follows:
39 units at $100
Nov. 1 Inventory
Date
Nov. 1
Nov. 10
Nov. 15
10 Sale
Nov. 20
15 Purchase
Nov. 24
Nov. 30
20 Sale
10 units
34 units at $111
The business maintains a perpetual inventory system, costing by the first-in, first-out method.
24 Sale
30 Purchase
a. 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 3. Under FIFO, if units are in inventory at two differe
the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column.
31 units
18 units at $106
13 units
Nov. 30 Balances
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
36
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