Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 52 units at $74 10 Sale 34 units 15 Purchase 23 units at $77 20 Sale 24 units 24 Sale 11 units 30 Purchase 25 units at $82 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, if units are 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 ScheduleFirst-in, First-out MethodDVD Players Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Nov. 1 fill in the blank efc7f3fafffffcc_1 fill in the blank efc7f3fafffffcc_2 fill in the blank efc7f3fafffffcc_3 Nov. 10 fill in the blank efc7f3fafffffcc_4 fill in the blank efc7f3fafffffcc_5 fill in the blank efc7f3fafffffcc_6 fill in the blank efc7f3fafffffcc_7 fill in the blank efc7f3fafffffcc_8 fill in the blank efc7f3fafffffcc_9 Nov. 15 fill in the blank efc7f3fafffffcc_10 fill in the blank efc7f3fafffffcc_11 fill in the blank efc7f3fafffffcc_12 fill in the blank efc7f3fafffffcc_13 fill in the blank efc7f3fafffffcc_14 fill in the blank efc7f3fafffffcc_15 fill in the blank efc7f3fafffffcc_16 fill in the blank efc7f3fafffffcc_17 fill in the blank efc7f3fafffffcc_18 Nov. 20 fill in the blank efc7f3fafffffcc_19 fill in the blank efc7f3fafffffcc_20 fill in the blank efc7f3fafffffcc_21 fill in the blank efc7f3fafffffcc_22 fill in the blank efc7f3fafffffcc_23 fill in the blank efc7f3fafffffcc_24 fill in the blank efc7f3fafffffcc_25 fill in the blank efc7f3fafffffcc_26 fill in the blank efc7f3fafffffcc_27 Nov. 24 fill in the blank efc7f3fafffffcc_28 fill in the blank efc7f3fafffffcc_29 fill in the blank efc7f3fafffffcc_30 fill in the blank efc7f3fafffffcc_31 fill in the blank efc7f3fafffffcc_32 fill in the blank efc7f3fafffffcc_33 Nov. 30 fill in the blank efc7f3fafffffcc_34 fill in the blank efc7f3fafffffcc_35 fill in the blank efc7f3fafffffcc_36 fill in the blank efc7f3fafffffcc_37 fill in the blank efc7f3fafffffcc_38 fill in the blank efc7f3fafffffcc_39 fill in the blank efc7f3fafffffcc_40 fill in the blank efc7f3fafffffcc_41 fill in the blank efc7f3fafffffcc_42 Nov. 30 Balances fill in the blank efc7f3fafffffcc_43 fill in the blank efc7f3fafffffcc_44 b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method?

Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 52 units at $74 10 Sale 34 units 15 Purchase 23 units at $77 20 Sale 24 units 24 Sale 11 units 30 Purchase 25 units at $82 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, if units are 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 ScheduleFirst-in, First-out MethodDVD Players Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Nov. 1 fill in the blank efc7f3fafffffcc_1 fill in the blank efc7f3fafffffcc_2 fill in the blank efc7f3fafffffcc_3 Nov. 10 fill in the blank efc7f3fafffffcc_4 fill in the blank efc7f3fafffffcc_5 fill in the blank efc7f3fafffffcc_6 fill in the blank efc7f3fafffffcc_7 fill in the blank efc7f3fafffffcc_8 fill in the blank efc7f3fafffffcc_9 Nov. 15 fill in the blank efc7f3fafffffcc_10 fill in the blank efc7f3fafffffcc_11 fill in the blank efc7f3fafffffcc_12 fill in the blank efc7f3fafffffcc_13 fill in the blank efc7f3fafffffcc_14 fill in the blank efc7f3fafffffcc_15 fill in the blank efc7f3fafffffcc_16 fill in the blank efc7f3fafffffcc_17 fill in the blank efc7f3fafffffcc_18 Nov. 20 fill in the blank efc7f3fafffffcc_19 fill in the blank efc7f3fafffffcc_20 fill in the blank efc7f3fafffffcc_21 fill in the blank efc7f3fafffffcc_22 fill in the blank efc7f3fafffffcc_23 fill in the blank efc7f3fafffffcc_24 fill in the blank efc7f3fafffffcc_25 fill in the blank efc7f3fafffffcc_26 fill in the blank efc7f3fafffffcc_27 Nov. 24 fill in the blank efc7f3fafffffcc_28 fill in the blank efc7f3fafffffcc_29 fill in the blank efc7f3fafffffcc_30 fill in the blank efc7f3fafffffcc_31 fill in the blank efc7f3fafffffcc_32 fill in the blank efc7f3fafffffcc_33 Nov. 30 fill in the blank efc7f3fafffffcc_34 fill in the blank efc7f3fafffffcc_35 fill in the blank efc7f3fafffffcc_36 fill in the blank efc7f3fafffffcc_37 fill in the blank efc7f3fafffffcc_38 fill in the blank efc7f3fafffffcc_39 fill in the blank efc7f3fafffffcc_40 fill in the blank efc7f3fafffffcc_41 fill in the blank efc7f3fafffffcc_42 Nov. 30 Balances fill in the blank efc7f3fafffffcc_43 fill in the blank efc7f3fafffffcc_44 b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method?

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 DVD players are as follows:

November 1	Inventory	52 units at $74
10	Sale	34 units
15	Purchase	23 units at $77
20	Sale	24 units
24	Sale	11 units
30	Purchase	25 units at $82

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, if units are 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 ScheduleFirst-in, First-out MethodDVD Players

Date	Quantity Purchased	Purchases Unit Cost	Purchases Total Cost	Quantity Sold	Cost of Goods Sold Unit Cost	Cost of Goods Sold Total Cost	Inventory Quantity	Inventory Unit Cost	Inventory Total Cost
Nov. 1							fill in the blank efc7f3fafffffcc_1	fill in the blank efc7f3fafffffcc_2	fill in the blank efc7f3fafffffcc_3
Nov. 10				fill in the blank efc7f3fafffffcc_4	fill in the blank efc7f3fafffffcc_5	fill in the blank efc7f3fafffffcc_6	fill in the blank efc7f3fafffffcc_7	fill in the blank efc7f3fafffffcc_8	fill in the blank efc7f3fafffffcc_9
Nov. 15	fill in the blank efc7f3fafffffcc_10	fill in the blank efc7f3fafffffcc_11	fill in the blank efc7f3fafffffcc_12				fill in the blank efc7f3fafffffcc_13	fill in the blank efc7f3fafffffcc_14	fill in the blank efc7f3fafffffcc_15
							fill in the blank efc7f3fafffffcc_16	fill in the blank efc7f3fafffffcc_17	fill in the blank efc7f3fafffffcc_18
Nov. 20				fill in the blank efc7f3fafffffcc_19	fill in the blank efc7f3fafffffcc_20	fill in the blank efc7f3fafffffcc_21	fill in the blank efc7f3fafffffcc_22	fill in the blank efc7f3fafffffcc_23	fill in the blank efc7f3fafffffcc_24
				fill in the blank efc7f3fafffffcc_25	fill in the blank efc7f3fafffffcc_26	fill in the blank efc7f3fafffffcc_27
Nov. 24				fill in the blank efc7f3fafffffcc_28	fill in the blank efc7f3fafffffcc_29	fill in the blank efc7f3fafffffcc_30	fill in the blank efc7f3fafffffcc_31	fill in the blank efc7f3fafffffcc_32	fill in the blank efc7f3fafffffcc_33
Nov. 30	fill in the blank efc7f3fafffffcc_34	fill in the blank efc7f3fafffffcc_35	fill in the blank efc7f3fafffffcc_36				fill in the blank efc7f3fafffffcc_37	fill in the blank efc7f3fafffffcc_38	fill in the blank efc7f3fafffffcc_39
							fill in the blank efc7f3fafffffcc_40	fill in the blank efc7f3fafffffcc_41	fill in the blank efc7f3fafffffcc_42
Nov. 30	Balances					fill in the blank efc7f3fafffffcc_43			fill in the blank efc7f3fafffffcc_44

b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method?

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