Perpetual Inventory Using FIFO

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

June 1		Inventory	42 units @ $57
6		Sale	32 units
14		Purchase	21 units @ $60
19		Sale	16 units
25		Sale	8 units
30		Purchase	23 units @ $64

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

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. Cost of the Merchandise Sold Schedule First-in, First-out Method Portable DVD Players Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Date June 1 June 6 57 2,394 June 14 June 19 June 25 June 30 June 30 Balances