eBook Show Me How Calalator erpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows November Inventory 53 units at $85 36 units 29 units at $90 25 units 13 units 27 units at $95 10 Sale Purchase Sale Sale 15 24 0 Purchase 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 t 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 Date Quantity Purchased Nov. 1 Nov. 10 Nov. 15 Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Quantity Unit Cost Total Cost 45 X 54 X Nov. 20 Nov. 24 Nov. 30 22 X 109 X Nov. 30 Balances Feedback Check My Work Note that this exercise uses the perpetual inventory system. FIFO means that the first units purchased are assumed to be the first to be sold. Therefore, ending inventory is made up of the most recent purchases Learning Objective 2, Learning Objective 3. Check My Work PreviousNext