Perpetual Inventory Using FIFO

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

November 1		Inventory	41 units at $71
10		Sale	27 units
15		Purchase	22 units at $75
20		Sale	22 units
24		Sale	11 units
30		Purchase	20 units at $79

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 9339f7f9604a03e_1	$fill in the blank 9339f7f9604a03e_2	$fill in the blank 9339f7f9604a03e_3
Nov. 10				fill in the blank 9339f7f9604a03e_4	$fill in the blank 9339f7f9604a03e_5	$fill in the blank 9339f7f9604a03e_6	fill in the blank 9339f7f9604a03e_7	fill in the blank 9339f7f9604a03e_8	fill in the blank 9339f7f9604a03e_9
Nov. 15	fill in the blank 9339f7f9604a03e_10	$fill in the blank 9339f7f9604a03e_11	$fill in the blank 9339f7f9604a03e_12				fill in the blank 9339f7f9604a03e_13	fill in the blank 9339f7f9604a03e_14	fill in the blank 9339f7f9604a03e_15
							fill in the blank 9339f7f9604a03e_16	fill in the blank 9339f7f9604a03e_17	fill in the blank 9339f7f9604a03e_18
Nov. 20				fill in the blank 9339f7f9604a03e_19	fill in the blank 9339f7f9604a03e_20	fill in the blank 9339f7f9604a03e_21	fill in the blank 9339f7f9604a03e_22	fill in the blank 9339f7f9604a03e_23	fill in the blank 9339f7f9604a03e_24
				fill in the blank 9339f7f9604a03e_25	fill in the blank 9339f7f9604a03e_26	fill in the blank 9339f7f9604a03e_27
Nov. 24				fill in the blank 9339f7f9604a03e_28	fill in the blank 9339f7f9604a03e_29	fill in the blank 9339f7f9604a03e_30	fill in the blank 9339f7f9604a03e_31	fill in the blank 9339f7f9604a03e_32	fill in the blank 9339f7f9604a03e_33
Nov. 30	fill in the blank 9339f7f9604a03e_34	fill in the blank 9339f7f9604a03e_35	fill in the blank 9339f7f9604a03e_36				fill in the blank 9339f7f9604a03e_37	fill in the blank 9339f7f9604a03e_38	fill in the blank 9339f7f9604a03e_39
							fill in the blank 9339f7f9604a03e_40	fill in the blank 9339f7f9604a03e_41	fill in the blank 9339f7f9604a03e_42
Nov. 30	Balances					$fill in the blank 9339f7f9604a03e_43			$fill in the blank 9339f7f9604a03e_44

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