Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November Inventory 38 units at $62 10 Sale 30 units 15 Purchase 21 units at $66 20 Sale 15 units 24 Sale 10 units 30 Purchase 31 units at $69 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 inventor 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 Invento Nov. 1 Nov. 10 30 1.860 Nov. 15 21 66 1,386 67 62 100000 62 Nov. 20 21 66 15 x 66 990 X 8 X 62 6 X 66 396 X Date Quantity Purchased Purchases Unt Cost DVD Player Purchases Total Cost Quantity Sold Cost of Goods So Unt Cost Cost of Goods Sold Total Cost Inventory Quantity Inventory Unt Cost Inventory Total Cost 67 2367 30 10 Nov. 1 Nov. 10 Nov. 15 217 1336 1.3 15 X Nov. 20 X 90 X 36X 6X 3 X Nov. 24 X 496 X 2 X 49X Nov. 30 2.139 31 7 31 2.1 174 X Nov. 30 Balances Feedback Note that this exercise uses the perpetual inventory system. FIFO means that the first purchased med to be the first to be sold. Therefore, ending story is made up of the most recent purchases Leaming Objective 2, Leaming Objective b. Based upon the preceding data, wd you expect the inventory to be higher or lowering the truth Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November Inventory 38 units at $62 10 Sale 30 units 15 Purchase 21 units at $66 20 Sale 15 units 24 Sale 10 units 30 Purchase 31 units at $69 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 inventor 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 Invento Nov. 1 Nov. 10 30 1.860 Nov. 15 21 66 1,386 67 62 100000 62 Nov. 20 21 66 15 x 66 990 X 8 X 62 6 X 66 396 X Date Quantity Purchased Purchases Unt Cost DVD Player Purchases Total Cost Quantity Sold Cost of Goods So Unt Cost Cost of Goods Sold Total Cost Inventory Quantity Inventory Unt Cost Inventory Total Cost 67 2367 30 10 Nov. 1 Nov. 10 Nov. 15 217 1336 1.3 15 X Nov. 20 X 90 X 36X 6X 3 X Nov. 24 X 496 X 2 X 49X Nov. 30 2.139 31 7 31 2.1 174 X Nov. 30 Balances Feedback Note that this exercise uses the perpetual inventory system. FIFO means that the first purchased med to be the first to be sold. Therefore, ending story is made up of the most recent purchases Leaming Objective 2, Leaming Objective b. Based upon the preceding data, wd you expect the inventory to be higher or lowering the truth
