Perpetual inventory using FIFO

Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows:

Inventory

Date Units and Cost

Dec. $1310$ units at $$88$

Purchases

Date Units and Cost

Dec. $10144$ units at $$90$

$20240$ units at $$96$

Sales

Date Units

Dec. $12240$ units

$14166$ units

$31200$ units

Assume that the business maintains a perpetual inventory system, costing by the first$-$in$,$ first$-$out method. 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.

FIFO Method

Prepaid Cell Phones

Date

Purchases

Quantity

Purchases

Unit Cost

Purchases

Total Cost Cost of

Goods Sold

Quantity Cost of

Goods Sold

Unit Cost Cost of

Goods Sold

Total Cost

Inventory

Quantity

Inventory

Unit Cost

Inventory

Total Cost

Dec. $1$ Dec. $1$

$310$

Dec. $1$

$88$

Dec. $1$

Dec. $10$ Dec. $10$

$144$

Dec. $10$

$90$

Dec. $10$

Dec. $10$

Dec. $10$

Dec. $10$

fill in the blank $10$

fill in the blank $11$

fill in the blank $12$

Dec. $12$ Dec. $12$

$240$

Dec. $12$

Dec. $12$

Dec. $12$

Dec. $12$

Dec. $12$

fill in the blank $19$

fill in the blank $20$

fill in the blank $21$

Dec. $14$ Dec. $14$

Dec. $14$

Dec. $14$

fill in the blank $25$

fill in the blank $26$

fill in the blank $27$

fill in the blank $28$

fill in the blank $29$

fill in the blank $30$

Dec. $20$ Dec. $20$

$240$

Dec. $20$

$96$

Dec. $20$

Dec. $20$

Dec. $20$

Dec. $20$

fill in the blank $37$

fill in the blank $38$

fill in the blank $39$

Dec. $31$ Dec. $31$

Dec. $31$

Dec. $31$

fill in the blank $43$

fill in the blank $44$

fill in the blank $45$

fill in the blank $46$

fill in the blank $47$

fill in the blank $48$

Dec. $31$ Balances Dec. $31$