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Perpetual Inventory Using FIFO Beginning Inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 65 units @ $67 10 Sale 53 units 15 Purchase 34 units @ $71 20 Sale 18 units 24 Sale 21 units 30 Purchase 21 units $75 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 First-In, First-out Method Portable Game Players Quantity Cost of Merchandise Sold Cost of Cost of Merchandise Merchandise Sold Unit Cost Total Cost Purchases Purchases Unit Total Cost Cost Sold Quantity Purchased Inventory Quantity Inventory Inventory Unit Total Cost Cost Date Apr. 1 Apr. 10 Apr. 15 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 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 Unit Cost column. Perpetual Inventory Account First-In, First-out Method Portable Game Players Quantity Cost of Purchases Purchases Unit Merchandise Total Cost Sold Cost Cost of Cost of Merchandise Merchandise Sold Sold Unit Cost Total Cost Date Quantity Purchased Inventory Quantity Inventory Inventory Unit Total Cost Cost Apr. 1 Apr. 10 Apr. 15 . o Apr. 20 Apr. 24 859 3 I 111 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