eBook nventory Using FIFO ng units of a particular item were available for sale during the calendar year: 4,000 units at $20 2,500 units 6,000 units at $24 4,500 units 1,000 units at $25 aintains a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, assuming the first-in, first-out esent 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 e Sold Unit Cost column and in the Inventory Unit Cost column. Inventory Sale Purchase Sale Purchase Quantity 6,000 Check My Work Purchases Unit Cost 24 Total Cost 144,000 Schedule of Cost of Merchandise Sold FIFO Method Cost of Merchandise Sold Unit Cost Quantity 2,500 4,500 X 20 24 X Total Cost 50,000 108,000 X Quantity 4,000 1,500 1,500 6,000 $ Inventory Unit Cost 20 20 20 >>> 24 Total Cost 80,000 30,000 30,000 144,000 Next >

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