eBook Show Me How Calculator Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as folows: November 1 Inventory 38 units at $62 10 Sale 30 units 15 Purchase 21 units at $66 20 Sale 15 units 24 Sale 10 units 30 Purchase 31 units at $69 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 ilustrated in Exhibit 3. Under FIFO, f units are in invento 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 Purchases Unit Purchases Total Quantity Cost of Goods Sold Date Cost of Goods Sold Inventory Inventory Unit Inventory Total Purchased Cost Cost Sold Unit Cost Total Cost Quantity Cost Cost Nov. 38 62 2,356 1 30 62 1,860 8 62 Nov. 10 Nov. 15 21 66 1,386 8 62 496 21 1,386 Check My Work 2 more Check My Work uses remaining Previous Next eBook Show Me How FIS, OUT Method DVD Players Cost of Goods Sold Unit Cost Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Goods Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost 38 62 2.356 Nov. 1 Nov 10 30 62 1.1 62 21 1,386 41 15 21 1,367 Nov. 20 15 x 66 x 990 X 62 496 X 6 X 66 396 X 8 X 62 X 496 X X 66 528 X Nov 24 Nov. 30 31 69 2,139 496 31 2,139 . 30 Balances 3,742 X