Question: Beginning inventory, purchases, and sales data for portable MP3 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 MP3 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 Exhibit3.

Inventory Sale Purchase Sale Sale Purchase 70 units at $40 52 units 30 units at $42 24 units OV 16 21 24 30 8 units 14 units at $45

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