Reference no: EM132922101
Question - Perpetual Inventory Using FIFO - Beginning inventory, purchases, and sales data for DVD players are as follows:
November 1 Inventory 79 units at $77
November 10 Sale 62 units
November 15 Purchase 40 units at $81
November 20 Sale 21 units
November 24 Sale 17 units
November 30 Purchase 36 units at $85
The business maintains a perpetual inventory system, costing by the first-in, first-out method.
Required - 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.
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