ONE QUESTION

Beginning imventory, purchases, and sales doto for DVD players are as folliows: 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 Coods Sold unit Cost column and in the Inventory Unit Cost columis. b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method