5).

erpetual Inventory Using FIFO

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

November 1		Inventory	54 units at $100
10		Sale	37 units
15		Purchase	28 units at $105
20		Sale	21 units
24		Sale	16 units
30		Purchase	31 units at $111

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

Determine the cost of the goods sold for each sale and the inventory balance after each sale

Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Cost of Cost of Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Inventory Inventory Purchased Unit Cost Total Cost Sold Unit Cost Total Cost Quantity Unit Cost Total Cost Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 Nov. 24 Nov. 30 Nov. 30 Balances