Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales data for portable DVD players are as follows:

Apr. 1 Inventory 58 units @ $61 10 Sale 39 units 15 Purchase 27 units @ $64 20 Sale 28 units 24 Sale 14 units 30 Purchase 23 units @ $67 The business maintains a perpetual inventory system, costing by the first-in, first-out method.

Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3.

a.Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column.

(6? 9 C' Q l G} v2.cengagenow.com/iIrn/takeAssignment/takeAssignmentMaln.do?invok -" U {N IQ Search 4' III\\ E: Ch 7-3 Exam-1595 & PTOblemS eBook Show Me How Calculator Prim item Cost column and in the Invento Unit Cost column. 1. EX.07-15.ALGO Cost of the Merchandise Sold Schedule FIrstin, Flrstout Method Portable DVD Players . EX.07-03.ALGO . . Cost of Cost of . EX.07-04.ALGO Quantity Purchases Purchases Quantity _ _ Inventory Inventory Inventory Date _ Merchandise Sold Merchandise Sold _ . Purchased Unlt Cost Total Cost Sold Unit Cost Total Quantity Unit Cost Tobi Cost . EX.07-08 for. 5 _ A r. . EX.07 13.ALGO I: 5 s I . EX.07-18.ALGO '1'?" if] til Apr. 20 Apr. 24 '93" I: Cl :1 [:1 Cl EDD D EDD D HHllHHHHH HHllHHHHH l HHTTT Apr. 30 Balances $ b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, rst-out method? v . Check My Work 2 more Check My Work uses remaining. ( Previous Next ' Progress: 216 items I ignment Score: 0.0% Save and Exit Submit Assignment for Gra ' A , iO'iP- PM a '- H 4'3 ; O [E] El 0 3 .97 x 3 W '8 (a \" M 11/155201