Perpetual Inventory Using FIFO

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

Apr. 1		Inventory	62 units @ $51
10		Sale	43 units
15		Purchase	30 units @ $53
20		Sale	27 units
24		Sale	17 units
30		Purchase	25 units @ $56

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

a. 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. 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.

Perpetual Inventory Account LIFO Method Portable Game Players Cost of Cost of Merchandise Merchandise Sold Sold Unit Cost Total Cost Inventory Inventory Inventory Quantity Unit Cost Total Cost Quantity Date Purchased Purchases Purchases Quantity Unit Cost Total Cost Sold Apr. 1 $ $ Apr. 10 $ Apr. 15 $ $ Apr. 20 1 Apr. 24 Apr. 30 Apr. 30 Balance $