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eBook Show Me How Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: Nov. 1 Inventory , 3

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Perpetual inventory using FIFO
Beginning inventory, purchases, and sales data for DVD players are as follows:
Nov. 1 Inventory ,36 units at $61
10 Sale ,30 units
15 Purchase ,20 units at $63
20 Sale 11 units
24 Sale ,9 units
30 Purchase ,40 units at $67
The business maintains a perpetual inventory system, costing by the first-in, first-out method.
a. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in cost first in the cost of Goods Sold Unit cost column and in the Inventory Unit Cost column.
First-in, First-out Method
DVD Players
Date
Cost of
Cost of
Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Inventory Inventory
Nov. 1
Nov. 10
Nov. 15
Nov. 20
Nov. 24
Nov. 30
2,680
30
Purchased Unit Cost Total Cost Sold
\table[[30]]
Unit Cost Total Cost Quantity Unit Cost Total Cost
Nov. 30 Balances
b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in/ first-out method?
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