Perpetual inventory using FIFO

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

Nov. $1$ Inventory $,58$ units at $$78$

$10$ Sale $39$ units

$15$ Purchase $24$ units at $$83$

$20$ Sale $24$ units

$24$ Sale $,14$ units

$30$ Purchase $,32$ units at $$87$

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

a$.$ Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illu 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 Uni Inventory Unit Cost column.

First$-$In$,$ First$-$out Method

DVD Players

Date

Quantity Purchases Cost of Cost of

Purchased Unit cost Purchases Quantity Goods Sold Goods Sold Inventory Inventory Inventory

Nov. $1$

Nov. $10$