Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: 62 units $81 Apr. 1 Inventory 10 Sale 15 Purchase 20 Sale 24 30 Sale i Purchase 41 units 35 units $85 27 units 22 units 22 units @ $88 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the merchandise 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 Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Perpetual Inventory Account. First-in, First-out Method Portable Game Players Quantity Date Quantity Purchased Purchases Purchases Unit Total Cost Cost Cost of Merchandise Sold Cost of Merchandise Merchandise Sold Sold Unit Cost Total Cost Cost of Inventory Unit Quantity Cost Inventory Inventory Total Cost Apr. 1 Apr. 10 Apr. 15 Previous Next >