Perpetual Inventory UsingFIFO

The following units of a particular item were available for sale during the calendar year:

Perpetual Inventory using FIFO The following units of a particular item were available for sale during the calendar year: Total Cost Total Cost Jan. I Apr. lg June 30 sept. 2 Nov. 15 Inventory Sale Purchase Sale Purchase 4,100 units at $39 2,600 units 4,300 units at $44 5,200 units 2,200 units at $47 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present the data in the form illustrated in Exhibit 3. Total Cost 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. FIFO Method Purchases Unit Cost Inventory Unit Cost Date Jan. I Apr. 19 June 30 sept. 2 Quantity Balances Quantity Cost of Goods Sold Unit Cost Quantity Nov. Dec. 15 31