Question
Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 70 units @ $94 10- Sale 50 units 15
Beginning inventory, purchases, and sales data for portable game players are as follows:
Apr. 1
Inventory
70 units @ $94
10-
Sale
50 units
15
Purchase
41 units @ $99
20
Sale
25 units
24
Sale
20 units
30
Purchase
34 units @ $104
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.
Beginning inventory, purchases, and sales data for portable game players are as follows:
Apr. 1
Inventory
70 units @ $94
10-
Sale
50 units
15
Purchase
41 units @ $99
20
Sale
25 units
24
Sale
20 units
30
Purchase
34 units @ $104
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.
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