Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: Date Line Item Description Units and Cost Nov. 1 Inventory 58 units at $54 10 Sale 45 units 15 Purchase 34 units at $56 20 Sale 18 units 24 Sale 21 units 30 Purchase 29 units at $59 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Question Content Area 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 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. First-in, First-out MethodDVD Players Date QuantityPurchased PurchasesUnit Cost PurchasesTotal Cost QuantitySold Cost ofGoods SoldUnit Cost Cost ofGoods SoldTotal Cost InventoryQuantity InventoryUnit Cost InventoryTotal Cost Nov. 1             Nov. 1 Nov. 1 Nov. 1 Nov. 10       Nov. 10 Nov. 10 Nov. 10 Nov. 10 Nov. 10 Nov. 10 Nov. 15 Nov. 15 Nov. 15 Nov. 15       Nov. 15 Nov. 15 Nov. 15               fill in the blank 33bfb8fb4fd705a_16 fill in the blank 33bfb8fb4fd705a_17 fill in the blank 33bfb8fb4fd705a_18 Nov. 20       Nov. 20 Nov. 20 Nov. 20 Nov. 20 Nov. 20 Nov. 20         fill in the blank 33bfb8fb4fd705a_25 fill in the blank 33bfb8fb4fd705a_26 fill in the blank 33bfb8fb4fd705a_27       Nov. 24       Nov. 24 Nov. 24 Nov. 24 Nov. 24 Nov. 24 Nov. 24 Nov. 30 Nov. 30 Nov. 30 Nov. 30       Nov. 30 Nov. 30 Nov. 30               fill in the blank 33bfb8fb4fd705a_40 fill in the blank 33bfb8fb4fd705a_41 fill in the blank 33bfb8fb4fd705a_42 Nov. 30 Balances         Nov. 30

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Perpetual inventory using FIFO

Beginning inventory, purchases, and sales data for DVD players are as follows:

Date Line Item Description Units and Cost
Nov. 1 Inventory 58 units at $54
10 Sale 45 units
15 Purchase 34 units at $56
20 Sale 18 units
24 Sale 21 units
30 Purchase 29 units at $59

The business maintains a perpetual inventory system, costing by the first-in, first-out method.

Question Content Area

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 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.

First-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             Nov. 1 Nov. 1 Nov. 1
Nov. 10       Nov. 10 Nov. 10 Nov. 10 Nov. 10 Nov. 10 Nov. 10
Nov. 15 Nov. 15 Nov. 15 Nov. 15       Nov. 15 Nov. 15 Nov. 15
              fill in the blank 33bfb8fb4fd705a_16 fill in the blank 33bfb8fb4fd705a_17 fill in the blank 33bfb8fb4fd705a_18
Nov. 20       Nov. 20 Nov. 20 Nov. 20 Nov. 20 Nov. 20 Nov. 20
        fill in the blank 33bfb8fb4fd705a_25 fill in the blank 33bfb8fb4fd705a_26 fill in the blank 33bfb8fb4fd705a_27      
Nov. 24       Nov. 24 Nov. 24 Nov. 24 Nov. 24 Nov. 24 Nov. 24
Nov. 30 Nov. 30 Nov. 30 Nov. 30       Nov. 30 Nov. 30 Nov. 30
              fill in the blank 33bfb8fb4fd705a_40 fill in the blank 33bfb8fb4fd705a_41 fill in the blank 33bfb8fb4fd705a_42
Nov. 30 Balances         Nov. 30
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