Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales data for DVD players are as follows:

November 1		Inventory	62 units at $65
10		Sale	43 units
15		Purchase	30 units at $69
20		Sale	27 units
24		Sale	10 units
30		Purchase	31 units at $72

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 Total Cost	Inventory Quantity	Inventory Unit Cost	Inventory Total Cost
Nov. 1							fill in the blank a3429a027061f8f_1	$fill in the blank a3429a027061f8f_2	$fill in the blank a3429a027061f8f_3
Nov. 10				fill in the blank a3429a027061f8f_4	$fill in the blank a3429a027061f8f_5	$fill in the blank a3429a027061f8f_6	fill in the blank a3429a027061f8f_7	fill in the blank a3429a027061f8f_8	fill in the blank a3429a027061f8f_9
Nov. 15	fill in the blank a3429a027061f8f_10	$fill in the blank a3429a027061f8f_11	$fill in the blank a3429a027061f8f_12				fill in the blank a3429a027061f8f_13	fill in the blank a3429a027061f8f_14	fill in the blank a3429a027061f8f_15
							fill in the blank a3429a027061f8f_16	fill in the blank a3429a027061f8f_17	fill in the blank a3429a027061f8f_18
Nov. 20				fill in the blank a3429a027061f8f_19	fill in the blank a3429a027061f8f_20	fill in the blank a3429a027061f8f_21	fill in the blank a3429a027061f8f_22	fill in the blank a3429a027061f8f_23	fill in the blank a3429a027061f8f_24
				fill in the blank a3429a027061f8f_25	fill in the blank a3429a027061f8f_26	fill in the blank a3429a027061f8f_27
Nov. 24				fill in the blank a3429a027061f8f_28	fill in the blank a3429a027061f8f_29	fill in the blank a3429a027061f8f_30	fill in the blank a3429a027061f8f_31	fill in the blank a3429a027061f8f_32	fill in the blank a3429a027061f8f_33
Nov. 30	fill in the blank a3429a027061f8f_34	fill in the blank a3429a027061f8f_35	fill in the blank a3429a027061f8f_36				fill in the blank a3429a027061f8f_37	fill in the blank a3429a027061f8f_38	fill in the blank a3429a027061f8f_39
							fill in the blank a3429a027061f8f_40	fill in the blank a3429a027061f8f_41	fill in the blank a3429a027061f8f_42
Nov. 30	Balances					$fill in the blank a3429a027061f8f_43			$fill in the blank a3429a027061f8f_44

b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method? Higher or Lower