Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows:
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Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales data for portable game players are as follows:
Apr. Inventory units @ $
Sale units
Purchase units @ $
Sale units
Sale units
Purchase units @ $
The business maintains a perpetual inventory system, costing by the firstin firstout method.
Question Content Area
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 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
Firstin Firstout Method
Portable Game Playersb. Based upon the preceding data, would you expect the ending inventory to be higher or lower using the lastin firstout method?
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