Question: Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for August are as follows: Inventory Purchases Sales August 1 3,400

Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales data for prepaid cell phones for August are as follows:

Inventory Purchases Sales
August 1 3,400 units at $35 August 10 1,700 units at $37 August 12 2,380 units
August 20 1,530 units at $39 August 14 2,040 units
August 31

1,020 units

Assuming that the perpetual inventory system is used, costing by the FIFO method, determine the cost of the merchandise sold for each sale and the inventory balance after each sale.

Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid

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