Question: Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: Date Line Item Description Units and Cost Nov. 1

Perpetual inventory using FIFO
Beginning inventory, purchases, and sales data for DVD players are as follows:
Date Line Item Description Units and Cost
Nov. 1 Inventory 55 units at $45
10 Sale 44 units
15 Purchase 32 units at $48
20 Sale 20 units
24 Sale 12 units
30 Purchase 36 units at $50
The business maintains a perpetual inventory system, costing by the first-in, first-out method.

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