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

November 1		Inventory	67 units at $47
10		Sale	46 units
15		Purchase	38 units at $50
20		Sale	27 units
24		Sale	15 units
30		Purchase	21 units at $52

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

Question Content Area

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