Perpetual Inventory Using FIFO

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

November 1		Inventory	42 units at $87
10		Sale	33 units
15		Purchase	18 units at $91
20		Sale	15 units
24		Sale	6 units
30		Purchase	31 units at $95

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 77bc97fe8ff3fb4_1	fill in the blank 77bc97fe8ff3fb4_2	fill in the blank 77bc97fe8ff3fb4_3
Nov. 10				fill in the blank 77bc97fe8ff3fb4_4	fill in the blank 77bc97fe8ff3fb4_5	fill in the blank 77bc97fe8ff3fb4_6	fill in the blank 77bc97fe8ff3fb4_7	fill in the blank 77bc97fe8ff3fb4_8	fill in the blank 77bc97fe8ff3fb4_9
Nov. 15	fill in the blank 77bc97fe8ff3fb4_10	fill in the blank 77bc97fe8ff3fb4_11	fill in the blank 77bc97fe8ff3fb4_12				fill in the blank 77bc97fe8ff3fb4_13	fill in the blank 77bc97fe8ff3fb4_14	fill in the blank 77bc97fe8ff3fb4_15
							fill in the blank 77bc97fe8ff3fb4_16	fill in the blank 77bc97fe8ff3fb4_17	fill in the blank 77bc97fe8ff3fb4_18
Nov. 20				fill in the blank 77bc97fe8ff3fb4_19	fill in the blank 77bc97fe8ff3fb4_20	fill in the blank 77bc97fe8ff3fb4_21	fill in the blank 77bc97fe8ff3fb4_22	fill in the blank 77bc97fe8ff3fb4_23	fill in the blank 77bc97fe8ff3fb4_24
				fill in the blank 77bc97fe8ff3fb4_25	fill in the blank 77bc97fe8ff3fb4_26	fill in the blank 77bc97fe8ff3fb4_27
Nov. 24				fill in the blank 77bc97fe8ff3fb4_28	fill in the blank 77bc97fe8ff3fb4_29	fill in the blank 77bc97fe8ff3fb4_30	fill in the blank 77bc97fe8ff3fb4_31	fill in the blank 77bc97fe8ff3fb4_32	fill in the blank 77bc97fe8ff3fb4_33
Nov. 30	fill in the blank 77bc97fe8ff3fb4_34	fill in the blank 77bc97fe8ff3fb4_35	fill in the blank 77bc97fe8ff3fb4_36				fill in the blank 77bc97fe8ff3fb4_37	fill in the blank 77bc97fe8ff3fb4_38	fill in the blank 77bc97fe8ff3fb4_39
							fill in the blank 77bc97fe8ff3fb4_40	fill in the blank 77bc97fe8ff3fb4_41	fill in the blank 77bc97fe8ff3fb4_42
Nov. 30	Balances					fill in the blank 77bc97fe8ff3fb4_43			fill in the blank 77bc97fe8ff3fb4_44

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