ebook Show Me How Pritom Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Inventory 63 units 595 Sale Apr. 1 10 SO units 15 Purchase 30 units $100 20 Sale 17 units 24 Sale 18 units 30 Purchase 27 units 5104 The business maintains a perpetuat 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 Perpetual Inventory Account First-in, First-out Method Portable Game Players Quantity Cost of Cost of Cost of Merchandise Merchandise Merchandise Sold Sold Sold Unit Cost Total Cost Quantity Purchased Purchases Unit Cost Purchases Total Cost Date Apr. 1 Inventory Quantity Inventory Unit Cost Inventory Total Cost BOOK Show Me How Printem Purchases Unit Cost Quantity Purchased Quantity Cost of Merchandise Sold Purchases Total Cost Cost of Cost of Merchandise Merchandise Sold Sold Unit Cost Total Cost Date Apr. 1 Inventory Quantity 61 1 Inventory Unit Cost 95 9 35 Inventory Total Cost 5,985 Apr. 10 50 95 4,7% 1.135 Apr. 15 30 100 3,000 13 1.235 30 100 Apr. 20 13 9 1,235 13 X 100 016 Apr. 24 Apr. 30 o Il III IT 5 Apr. 30 Balances o Peeches 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. b. Based upon the preceding data, would you expect the ending Inventory to be higher or lower using the last in, fest-out method? ent eBook Show Me How Priit om Perpetual Inventory Using UFO Beginning inventory, purchases, and sales data for portable game players are as follows: Inventory Apr. 1 70 units $84 10 Sale 49 units 15 Purchase 91 units $89 20 Sale 53 units 24 Sale 30 15 units Purchase 35 units $94 The business maintas a perpetual inventory system, costing by the last in, first-out method Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, units are nvel at two different costs, enter the units with the HIGHER unit cost first in the cost of Merchandise Sold Unit Cost column and Lower unit cost first in the inventory Unit Cost column Perpetual Inventory Account LIFO Method Portable Game Players Cost of Cost of Merchandise Merchandise Sold Sold Unit Cost Total Cost Quantity Purchased Purchases Purchases Quantity Unit Cost Total Cost Sold Inventory Inventory Inventory Quantity Unit Cost Total Cost Date Apr. 1 the Inventory Unit Cost column Perpetual Inventory Account LIFO Method Portable Game Players Cost of Cost of Merchandise Merchandise Sold Sold Unit Cost Total Cost Purchases Purchases Quantity Unit Cost Total Cost Sold Inventory Inventory Inventory Quantity Unit Cost Total Cost Quantity Date Purchased Apr. 1 Apr. 10 Apr. 15 Apr. 20 0 0 ID I Apr. 24 Apr. 30 o o o Apr. 30 Balance Previous Next > Check My Work fine Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 1,800 units at $21 May 10 900 units at $23 May 12 1,260 units 20 810 units at $25 14 1.050 units 31 540 units a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under uro, if units are in inventory at two different costs, enter the units with the HIGHER UN cost first in the cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Merchandise Sold LIFO Method Prepaid Cell Phones Cost of Cost of Merchandise Merchandise Sold Sold Unit Cost Total Cost Purchases Purchases Quantity Unit Cost Total Cost Sold Inventory Inventory Inventory Quantity Unit Cost Total Cost Quantity Date Purchased May 1 AS May 10 Prepaid Cell Phones Cost of Cost of Merchandise Merchandise Purchases Purchases Quantity Sold Sold Unit Cost Total Cost Sold Unit Cost Total Cost Inventory Inventory Inventory Quantity Unit Cost Total Cost Quantity Date Purchased May 1 May 10 May 12 889 May 14 May 20 11011 001 I juill will May 31 May 31 Balances b. Based upon the preceding data, would you expect the inventory to be higher or lower using the first in first-out method