Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 43 units @ $68 Inventory 10 Sale 32 units 15 Purchase 23 units @ $71 Sale 16 units 20 24 Sale 14 units 30 Purchase 26 units @ $74 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 Cost of Merchandise Sold Total Cost Purchases Quantity Purchased Purchases Unit Cost Quantity Sold Cost of Merchandise Inventory Quantity Inventory Unit Cost Inventory Total Cost Date Total Cost Sold Unit Cost Apr. Apr. 10 Apr. 15 Apг. 20 Apr. 24 Apr. 30 Apr. 30 Balances
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 43 units @ $68 Inventory 10 Sale 32 units 15 Purchase 23 units @ $71 Sale 16 units 20 24 Sale 14 units 30 Purchase 26 units @ $74 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 Cost of Merchandise Sold Total Cost Purchases Quantity Purchased Purchases Unit Cost Quantity Sold Cost of Merchandise Inventory Quantity Inventory Unit Cost Inventory Total Cost Date Total Cost Sold Unit Cost Apr. Apr. 10 Apr. 15 Apг. 20 Apr. 24 Apr. 30 Apr. 30 Balances
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales data for portable DVD players are as follows:
Apr. 1
43 units @ $68
Inventory
10
Sale
32 units
15
Purchase
23 units @ $71
Sale
16 units
20
24
Sale
14 units
30
Purchase
26 units @ $74
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.
Transcribed Image Text:Cost of the Merchandise Sold Schedule
First-in, First-out Method
Portable DVD Players
Cost of Merchandise Sold
Total Cost
Purchases
Quantity
Purchased
Purchases
Unit Cost
Quantity
Sold
Cost of Merchandise
Inventory
Quantity
Inventory
Unit Cost
Inventory
Total Cost
Date
Total Cost
Sold Unit Cost
Apr.
Apr.
10
Apr.
15
Apг.
20
Apr.
24
Apr.
30
Apr.
30
Balances
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