Ex7-3

EX 7-3 Perpetual inventory using FIFO OBJ. 2, 3 Beginning inventory, purchases, and sales data for portable game players are as follows: Apr 1Inventory 120 units at $26 nce, 10 Sale 15 Purchase140 units at $28 20 Sale 24 Sale 30 90 units 110 units 40 units 160 units at $30 Purchase pusiness maintains a perpetual inventory system, costing by the first-in, first-out a. Determine the cost of the merchandise sold for each sale and the inventory balance b. Based upon the preceding data, would you expect the inventory to be higher or lower method after each sale, presenting the data in the form illustrated in Exhibit 3. using the last-in, first-out method