November 1 10 Beginning inventory, purchases, and sales data for DVD players are as follows: 49 units at $85 39 units Inventory Sale 15 Purchase 26 units at $90 20 Sale 16 units 24 Sale 30 Purchase 16 units 29 units at $95 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the 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. Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Goods Sold Unit Cost Cost of Goods Sold Inventory Inventory Unit Inventory Total Cost Quantity Cost Total Cost Nov 1 Nov. 10 Nov. 15 Nov 201 Nov. 24 Nov. 30 1: 1:1: 00000 0000 000 000 00000 000 Check My Work Previous Next >