Perpetual Inventory Using FIFO

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

November 1		Inventory	72 units at $70
10		Sale	49 units
15		Purchase	34 units at $73
20		Sale	30 units
24		Sale	13 units
30		Purchase	25 units at $76

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 7d52520ca079055_1	fill in the blank 7d52520ca079055_2	fill in the blank 7d52520ca079055_3
Nov. 10				fill in the blank 7d52520ca079055_4	fill in the blank 7d52520ca079055_5	fill in the blank 7d52520ca079055_6	fill in the blank 7d52520ca079055_7	fill in the blank 7d52520ca079055_8	fill in the blank 7d52520ca079055_9
Nov. 15	fill in the blank 7d52520ca079055_10	fill in the blank 7d52520ca079055_11	fill in the blank 7d52520ca079055_12				fill in the blank 7d52520ca079055_13	fill in the blank 7d52520ca079055_14	fill in the blank 7d52520ca079055_15
							fill in the blank 7d52520ca079055_16	fill in the blank 7d52520ca079055_17	fill in the blank 7d52520ca079055_18
Nov. 20				fill in the blank 7d52520ca079055_19	fill in the blank 7d52520ca079055_20	fill in the blank 7d52520ca079055_21	fill in the blank 7d52520ca079055_22	fill in the blank 7d52520ca079055_23	fill in the blank 7d52520ca079055_24
				fill in the blank 7d52520ca079055_25	fill in the blank 7d52520ca079055_26	fill in the blank 7d52520ca079055_27
Nov. 24				fill in the blank 7d52520ca079055_28	fill in the blank 7d52520ca079055_29	fill in the blank 7d52520ca079055_30	fill in the blank 7d52520ca079055_31	fill in the blank 7d52520ca079055_32	fill in the blank 7d52520ca079055_33
Nov. 30	fill in the blank 7d52520ca079055_34	fill in the blank 7d52520ca079055_35	fill in the blank 7d52520ca079055_36				fill in the blank 7d52520ca079055_37	fill in the blank 7d52520ca079055_38	fill in the blank 7d52520ca079055_39
							fill in the blank 7d52520ca079055_40	fill in the blank 7d52520ca079055_41	fill in the blank 7d52520ca079055_42
Nov. 30	Balances					fill in the blank 7d52520ca079055_43			fill in the blank 7d52520ca079055_44

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