Perpetual Inventory Using FIFO

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

November 1		Inventory	73 units at $81
10		Sale	51 units
15		Purchase	31 units at $84
20		Sale	30 units
24		Sale	12 units
30		Purchase	26 units at $87

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

Question Content Area

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 b8796405fffb03f_1	$fill in the blank b8796405fffb03f_2	$fill in the blank b8796405fffb03f_3
Nov. 10				fill in the blank b8796405fffb03f_4	$fill in the blank b8796405fffb03f_5	$fill in the blank b8796405fffb03f_6	fill in the blank b8796405fffb03f_7	fill in the blank b8796405fffb03f_8	fill in the blank b8796405fffb03f_9
Nov. 15	fill in the blank b8796405fffb03f_10	$fill in the blank b8796405fffb03f_11	$fill in the blank b8796405fffb03f_12				fill in the blank b8796405fffb03f_13	fill in the blank b8796405fffb03f_14	fill in the blank b8796405fffb03f_15
							fill in the blank b8796405fffb03f_16	fill in the blank b8796405fffb03f_17	fill in the blank b8796405fffb03f_18
Nov. 20				fill in the blank b8796405fffb03f_19	fill in the blank b8796405fffb03f_20	fill in the blank b8796405fffb03f_21	fill in the blank b8796405fffb03f_22	fill in the blank b8796405fffb03f_23	fill in the blank b8796405fffb03f_24
				fill in the blank b8796405fffb03f_25	fill in the blank b8796405fffb03f_26	fill in the blank b8796405fffb03f_27
Nov. 24				fill in the blank b8796405fffb03f_28	fill in the blank b8796405fffb03f_29	fill in the blank b8796405fffb03f_30	fill in the blank b8796405fffb03f_31	fill in the blank b8796405fffb03f_32	fill in the blank b8796405fffb03f_33
Nov. 30	fill in the blank b8796405fffb03f_34	fill in the blank b8796405fffb03f_35	fill in the blank b8796405fffb03f_36				fill in the blank b8796405fffb03f_37	fill in the blank b8796405fffb03f_38	fill in the blank b8796405fffb03f_39
							fill in the blank b8796405fffb03f_40	fill in the blank b8796405fffb03f_41	fill in the blank b8796405fffb03f_42
Nov. 30	Balances					$fill in the blank b8796405fffb03f_43			$fill in the blank b8796405fffb03f_44

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