PerpetualInventoryUsingFIFO

1. Thefollowingunitsofaparticularitemwereavailableforsaleduringthecalendaryear:

   Jan.1	Inventory	4,000unitsat$20
   Apr.19	Sale	2,500units
   June30	Purchase	6,000unitsat$24
   Sept.2	Sale	4,500units
   Nov.15	Purchase	1,000unitsat$25

   Thefirmmaintainsaperpetualinventorysystem.Determinethecostofmerchandisesoldforeachsaleandtheinventorybalanceaftereachsale,assumingthefirst-in,first-outmethod.PresentthedataintheformillustratedinExhibit4.UnderFIFO,ifunitsareininventoryattwodifferentcosts,entertheunitswiththeLOWERunitcostfirstintheCostofMerchandiseSoldUnitCostcolumnandintheInventoryUnitCostcolumn.

   Jan.1							$	$
   Apr.19				$	$
   June30	$	$
   Sept.2
   Nov.15
   Dec.31	Balances					$			$