using FIFO

10 Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 77 units at $56 Sale 63 units Purchase 35 units at $58 Sale 19 units Sale 19 units 30 Purchase 35 units at $61 20 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the goods 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 Goods Sold Unit Cost column and in the Inventory Unit Cost column. Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Quantity Purchases Unit Purchases Total Sol Cost of Goods Sold Unit Cost of Goods Sold Inventory Inventory Unit Inventory Total Date Purchased Cost Cost Total Cost Quantity Nov. Nov. 10