perpetual inventory using FIFO

Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 80 units @ $96 10 Sale 54 units 15 Purchase 34 units @ $101 20 Sale 30 units 24 Sale 14 units 30 Purchase 31 units @ $107 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 inventor atterent costs 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 First-in, First-out Method Portable Game Players Quantity Cost of Merchandise Sold Purchases Purchases Unit Total Cost Cost Cost of Cost of Merchandise Merchandise Sold Sold Unit Cost Total Cost Quantity Purchased Inventory Inventory Unit Total Cost Cost Inventory Quantity Date $1 96 Apr. 1 Apr. 10 Apr 15 1108100 BFC I ainda du1 01 Apr. 20 01 12 Apr. 24 Apr 30 0 Perpetual Inventory Account First-in, First-out Method Portable Game Players Quantity Cost of Merchandise Sold Purchases Purchases Unit Total Cost Cost cost of Cost of Merchandise Merchandise Sold Sold Unit Cost Total Cost Quantity Purchased Inventory Quantity Inventory Inventory Unit Total Cost Cost Date Apr. 1 Apr. 10 O Apr. 15 Apr. 20 B ml Apr. 24 Apr. 30 Apr. 30 Balances b. Based upon the preceding data, would you expect the ending inventory to be higher or lower using the last-in, first-out method? 0