eBook Show Me How Perpetual Inventory Using FIFO Beginning Inventory, purchases, and sales data for...
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eBook Show Me How Perpetual Inventory Using FIFO Beginning Inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 40 units at $77 10 Sale 31 units 15 Purchase 24 units at $80 20 Sale 16 units 24 Sale 10 units 30 Purchase 33 units at $84 The business maintains a perpetual Inventory system, costing by the first-in, first-out method. a - 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 Schedule First-in, First-out Method - DVD 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 Inventory Unit Cost 40 77 Nov. 1 Nov. 10 X X X 77 Nov. 15 X X X 77 X 80 Nov. 20 X X 80 EE Nov. 24 X 80 X Nov. 30 Ox 80 84 7 Nov. 30 Balances X Incorrect Check My Work (Previous Next >
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