Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as...
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Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 80 units at $81 10 Sale 54 units 15 Purchase 42 units at $84 20 Sale 31 units 24 Sale 21 units 30 Purchase 21 units at $87 The business maintains a perpetual inventory system, costing by the first-in, first-out method. 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 Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Cost of Goods Sold Goods Sold Inventory Inventory Inventory Unit Cost Total Cost Quantity Unit Cost Total Cost Date Nov. 1 Nov. 10 54 Nov. 15 42 84 3,528 Nov. 20 31 X Nov. 24 21 Nov. 30 21 87 1,827 B9 Nov. 30 Balances
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