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Algebra GIPLE ASCOLI First-in, First-out Method Portable Game Players Purchases Unit Cost Quantity Cost of Merchandise Sold Purchases Total Cost Quantity Purchased Cost of Cost of Merchandise Merchandise Sold Sold Unit Cost Total Cost Date Inventory Quantity 180 Inventory Unit Cost 40 Inventory Total Cost 7.200 Apr. 1 Apr. 10 140 40 5,600 40 40 UUU 1.600 Apr. 15 210 42 8,820 40 40 1,600 210 42 8,820 Apr. 20 407 40 1.600 . 42 130 42 5,460 Apr. 24 60 +2 2.520 20 42 840 Apr. 30 240 46 11.040 20 42 840 240 46 11.040 15.180 Apr. 30 Balances $ 11,880 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 Next Check My Work Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 180 units at $40 10 Sale 140 units 15 Purchase 210 units at $42 20 Sale 170 units 24 Sale 60 units 30 Purchase 240 units at $46 The business maintains a perpetual 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 Purchases Unit Purchases Total Quantity Cost of Merchandise Sold Cost of Cost of Merchandise Merchandise Sold Sold Unit Cost Total Cost Inventory Unit Art Inventory Total Inventory sti Quantity nh Next > Check My Work 101 01