Accounting

Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 50 units at $47 10 Sale 33 units Purchase 25 units at $49 Sale 26 units 24 Sale 11 units 30 Purchase 25 units at $51 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 Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Nov. 1 50 $ 47 $ 2,350 Nov. 10 33 $ 47 $ 1,551 17 799 47 Nov. 15 25 V 49 V 1.225 V 799 Nov. 20 799 784 49 539 Nov. 24 Nov. 30 25 51 1.275 Nov. 30 Balances