Perpetual Inventory Using FIFO

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

Inventory		Purchases		Sales
Dec. 1	320 units at $20	Dec. 10	160 units at $22	Dec. 12	224 units
		Dec. 20	144 units at $24	Dec. 14	192 units
				Dec. 31	96 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.

Schedule of Cost of Goods Sold
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							fill in the blank 1	$fill in the blank 2	$fill in the blank 3
Dec. 10	fill in the blank 4	$fill in the blank 5	$fill in the blank 6				fill in the blank 7	fill in the blank 8	fill in the blank 9
							fill in the blank 10	fill in the blank 11	fill in the blank 12
Dec. 12				fill in the blank 13	$fill in the blank 14	$fill in the blank 15	fill in the blank 16	fill in the blank 17	fill in the blank 18
							fill in the blank 19	fill in the blank 20	fill in the blank 21
Dec. 14				fill in the blank 22	fill in the blank 23	fill in the blank 24
				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	fill in the blank 31	fill in the blank 32	fill in the blank 33				fill in the blank 34	fill in the blank 35	fill in the blank 36
							fill in the blank 37	fill in the blank 38	fill in the blank 39
Dec. 31				fill in the blank 40	fill in the blank 41	fill in the blank 42
				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					$fill in the blank 49			$fill in the blank 50