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Determine the cost of the merchandise

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Reference no: EM13530972

Beginning inventory, purchases, and sales data for portable MP3 players are as follows:

Nov. 1

Inventory

70 units at $40

5

Sale

52 units

16

Purchase

30 units at $42

21

Sale

24 units

24

Sale

8 units

30

Purchase

14 units at $45

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.

Reference no: EM13530972

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