Nov. 1 Inventory 10 Sale 24 Sale 15 units 30 Purchase 29 units at $58 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Date 15 Purchase 20 Sale 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 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 Goods Sold Unit Cost column and in the Inventory Unit Cost column. Nov. 1 Nov. 10 Nov. 15 Nov. 20 69 units at $54 51 units 35 units at $56 25 units Quantity Purchases Purchases Purchased Unit Cost Total Cost 95 X 56 5,320 X First-in, First-out Method DVD Players Quantity Sold 51 25 X Cost of Goods Sold Unit Cost 54 54 V Cost of Goods Sold Total Cost 2,754 1,364 X Inventory Inventory Quantity Unit Cost 69 18 113 X 88 X 54 54 X 56 56 Inventory Total Cost 3,726 972 6,292 4,928 X X

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 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 Goods Sold Unit cost column and in the Inventory Unit cost column