Gmail Maps eBook Show Me How Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: Inventory November 1 120 units at $39 90 units 10 Sale 140 units at $40 15 Purchase 110 units 20 Sale ho 45 units 24 Sale 30 Purchase 160 units at $43 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory 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 Goods Sold Schedule Lov First-In, First-out Method On DVD Players app two Cost of Cost of Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Inventory Inventory Purchased Unit Cost Total Cost Sold Unit Cost Total Cost Quantity Unit Cost Total Cost Date Ite 120 19 4,680 Nov. 1 90 39 Nov. 10 30 3.510 1,170 39 39 1.170 Nov. 15 140 5,600 140 40 5,600 | PB881 182 68000 180 1 09890 1900 110 Nov. 20 40 4,400 30 40 1.170 TX2 Nov. 24 58 $ Nov. 30 160 6.880 39 585 160 43 6,880 Nov. 30 Balances 9,685 7.465 Exp b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method? Lower Feedback Check My Work Consider the cost of Inventory when purchased and when sold. Remember FIFO reports higher gross profit, net income, and ending Inventory than the LIFO method when costs (prices) are increasing. Check My Work Previous Next All work saved Save and Exit Submit Assignment for Grading 80 DOO FI DOO FO