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Perpetual Inventory Using FIFOBeginning inventory, purchases, and sales data for DVD players are as follows:
November 1 Inventory43 units at $9610 Sale30 units15
Purchase21 units at $10120 Sale18 units24
Sale9 units30 Purchase34 units at $107
The business maintains a perpetual inventory system, costing by the first-in, first-out method.
Problem a. Determine the cost of the goods sold for each sale and the inventory balance after each sale. 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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