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	65 units at $80
10	Sale	43 units
15	Purchase	26 units at $84
20	Sale	31 units
24	Sale	7 units
30	Purchase	26 units at $89

The business maintains a perpetual inventory system, costing by the first-in, first-out method.

Question Content Area

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.

First-in, First-out Method DVD Players
Date	Quantity Purchased	Purchases Unit Cost	Purchases Total Cost	Quantity Sold	Cost of Goods Sold Unit Cost	Cost of Goods Sold Total Cost	Inventory Quantity	Inventory Unit Cost	Inventory Total Cost
Nov. 1							Nov. 1	Nov. 1	Nov. 1
Nov. 10				Nov. 10	Nov. 10	Nov. 10	Nov. 10	Nov. 10	Nov. 10
Nov. 15	Nov. 15	Nov. 15	Nov. 15				Nov. 15	Nov. 15	Nov. 15

Nov. 20				Nov. 20	Nov. 20	Nov. 20	Nov. 20	Nov. 20	Nov. 20

Nov. 24				Nov. 24	Nov. 24	Nov. 24	Nov. 24	Nov. 24	Nov. 24
Nov. 30	Nov. 30	Nov. 30	Nov. 30				Nov. 30	Nov. 30	Nov. 30

Nov. 30	Balances					Nov. 30			Nov. 30

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