6-4

EX 6-3 Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: Inventory balance, November 30, $7,480 November1 10 1Inventory 120 units at $39 90 units 140 units at $40 110 units SNOW ME HOW 24 30 45 units 160 units at $43 The business maintains a perpetual inventory system, costing by the first-in, first-out method. A. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form llustrated in Exhibit 3. B. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method? Obj. 2, 3 EX 6-4 Perpetual inventory using LIFO V Inventory balance, Assume that the business in Exercise 6-3 maintains a perpetual inventory system, costing November 30, $7465 by the last-in, first-out method. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4