Question: Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Date Units and Cost Dec.

Perpetual inventory using FIFO
Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows:
Inventory
Date Units and Cost
Dec. 1310 units at $88
Purchases
Date Units and Cost
Dec. 10144 units at $90
20240 units at $96
Sales
Date Units
Dec. 12240 units
14166 units
31200 units
Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. 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.
FIFO Method
Prepaid Cell Phones
Date
Purchases
Quantity
Purchases
Unit Cost
Purchases
Total Cost Cost of
Goods Sold
Quantity Cost of
Goods Sold
Unit Cost Cost of
Goods Sold
Total Cost
Inventory
Quantity
Inventory
Unit Cost
Inventory
Total Cost
Dec. 1 Dec. 1
310
Dec. 1
88
Dec. 1
Dec. 10 Dec. 10
144
Dec. 10
90
Dec. 10
Dec. 10
Dec. 10
Dec. 10
fill in the blank 10
fill in the blank 11
fill in the blank 12
Dec. 12 Dec. 12
240
Dec. 12
Dec. 12
Dec. 12
Dec. 12
Dec. 12
fill in the blank 19
fill in the blank 20
fill in the blank 21
Dec. 14 Dec. 14
Dec. 14
Dec. 14
fill in the blank 25
fill in the blank 26
fill in the blank 27
fill in the blank 28
fill in the blank 29
fill in the blank 30
Dec. 20 Dec. 20
240
Dec. 20
96
Dec. 20
Dec. 20
Dec. 20
Dec. 20
fill in the blank 37
fill in the blank 38
fill in the blank 39
Dec. 31 Dec. 31
Dec. 31
Dec. 31
fill in the blank 43
fill in the blank 44
fill in the blank 45
fill in the blank 46
fill in the blank 47
fill in the blank 48
Dec. 31 Balances Dec. 31

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