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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
eBook
Show Me How
Perpetual inventory using FIFO
Beginning inventory, purchases, and sales data for DVD players are as follows:
Nov. Inventory units at $
Sale units
Purchase units at $
Sale units
Sale units
Purchase units at $
The business maintains a perpetual inventory system, costing by the firstin firstout 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.
Firstin Firstout Method
DVD Players
Date
Cost of
Cost of
Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Inventory Inventory
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Purchased Unit Cost Total Cost Sold
table
Unit Cost Total Cost Quantity Unit Cost Total Cost
Nov. Balances
b Based upon the preceding data, would you expect the inventory to be higher or lower using the lastin firstout method?
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