Question: Beginning inventory, purchases, and sales data for portable CD players are as follows: The business maintains a perpetual inventory system, costing by the first-in, first-out

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

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 illustrated in Exhibit5.

April Inventory 35 units at $50 26 units 15 units at $53 12 units 4 units 7 units at $54 5 21 28 30 Sale Purchase Sale Sale Purchase

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