Chapter 7 Homework Assignment (pan eBook Show Me How Calculator Print Item Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 79 units @ $48 10 Sale 53 units 15 Purchase 42 units @ $51 20 Sale 32 units 24 Sale 23 units 30 Purchase 22 units @ $53 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 Exhibit 3. a. Under FIFO, If units are in inventory at two different costs, enter the units with the LOWER unit cost first in the cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost columo. Cost of the Merchandise Sold Schedule First-In, First-out Method Portable DVD Players Quantity Purchases Purchases Quantity Cost of Cost of Merchandise Cost of Merchandise Sold Inventory Inventory Inventory Purchased Unit Cost Total Cost Merchandise Sold Sold Unit Cost Total Cost Quantity Unit Cost Total Cost Apr 3,792 Apr 53 2,544 10 26 1.248 Apr Date 1 79 48 18 18 tina leser Google S... Chapter 7 Homework Assignment (par eBook Show Me How Calculator Print item Date Purchased Unit Cost Total Cost Merchandise Sold Sold Unit Cost Apr Total Cost Quantity Unit Cost Total Cost 1 79 48 3,792 Apr, 10 53 48 2,544 26 48 1,248 Apr 15 42 51 2,142 26 48 1,248 42 51 2,142 Apr 20 26 48 1,248 26 x 48 x 1,248 x 3 X 51 153 X Apr. 24 23 51 1,173 Apr. 30 22 53 1,166 22 53 1,166 Apr. 30 Balances Note that this exercise uses the perpetual inventory system. FIFO means that the first units purchased are assumed to be the first to be sold. Therefore, ending Inventory is made up of the most recent purchases