Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 51 units @ $77 10 Sale 42 units Purchase 28 units @ 582 Sale 14 units Sale 17 units Purchase 38 units @ $86 The business maintains a perpetual inventory system, costing by the first-in, first-out method. 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. a. 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. Cost of the Merchandise Sold Schedule First-in, First-out Method Portable DVD Players Quantity Cost of Cost of Merchandise Sold Merchandise Sold Unit Cost Inventory Unit Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Cost of Merchandise Sold Total Cost Inventory Quantity Inventory Total Cost Apr. 1 Apr. lll Apr. 24 Apr. 30 Apr. 30 Balances b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method? Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 72 units @ $42 10 Sale 51 units 15 Purchase 89 units @ $44 20 Sale 51 units 24 Sale 15 units 30 Purchase 27 units @ $47 The business maintains a perpetual inventory system, costing by the last-In, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Merchandise Sold LIFO Method Portable Game Players Cost of Merchandise Sold Unit Cost of Merchandise Sold Total Cost Cost Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Inventory Quantity Inventory Unit Cost Inventory Total Cost Apr. 1 Apr. 10 Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 3,700 units at $33 May 10 1,850 units at $35 May 12 2,590 units May 20 1,665 units at $37 May 14 2,220 units May 31 1,110 units a. Assuming that the perpetual Inventory system is used, costing by the LIFO method, determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Merchandise Sold LIFO Method Prepaid Cell Phones Cost of Merchandise Sold Unit Cost of Merchandise Sold Total Cost Cost Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Inventory Quantity Inventory Unit Inventory Total Cost May 1 May 0 000 Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 3 ,300 units at $23 May 10 1 ,650 units at $25 May 12 2,310 units May 20 1 ,485 units at $27 May 14 1,980 units May 31 990 units Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of 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. Schedule of Cost of Merchandise Sold FIFO Method Prepaid Cell Phones Cost of Merchandise Sold Unit Cast Date Purchases Quantity Purchases Unit Cost Purchases Total Cost Cost of Merchandise Sold Quantity Cost of Merchandise Sold Total Cost Inventory Quantity II 0 100011 001 O