Question ONE 6.3 First in First out method Beginning inventory, purchases, and sales data for portable DVD players are as follows: April 1 April 1 Inventory 120 units at $39 6 Sale 90 units 14 Purchase 140 units at $40 19 Sale 110 units 25 Sale 45 units 30 Purchase 160 units at $43 The business maintains a perpetual inventory system, costing by the first in first out method. Prepare the following table from the above information. Date Purchase Cost of goods sold Inventory Quantity Unit Total Quantity Unit Total Quantity Unit Total cost cost cost cost cost cost Question TWO 6.5 Weighted average cost flow method under perpetual inventory system Jan 1 Inventory 1,000 units at $150 Mar 18 Sale 800 May 2 Purchase 1,800 units at $155 Aug 9 Sale 1,500 units Oct 20 Purchase 700 units at $160.50 The firm use the weighted average cost method with a perpetual inventory system. Prepare the following table from the above information. Date Purchase Cost of goods sold Inventory Quantity Unit Total Quantity Unit Total Quantity Unit Total cost cost cost cost cost cost Question THREE What is the difference between the two methods: First in First out and weighted average