Search Textbook Solutions.com CengageNOWv2 Online teaching and learning resource from Cengage Learning eBook Show Me How Calculator Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 62 units @ $87 10 Sale 49 units 15 Purchase 32 units @ $90 20 Sale 20 units 24 Sale 17 units 30 Purchase 30 units @ $95 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. a. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Cost of the Merchandise Sold Schedule First-In, First-out Method Portable DVD Players Cost of Quantity Cost of Merchandise Sold Cost of Merchandise Inventory Merchandise Sold Sold Total Cost Unit Cost Quantity Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Inventory Unit Cost Inventory Total Cost 5,394 Apr. 1 Apr 49 87 4.263 10 Apr. 15 Next Previous Check My Work O more Check My Work uses remaining. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. a. Under FIFO, If units are in inventory at two different costs, enter the units with the LOWER unit cost first in the cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Cost of the Merchandise Sold Schedule First-In, First-out Method Portable DVD Players Quantity Cost of Purchases Purchases Quantity Cost of Merchandise Sold Cost of Merchandise Inventory Inventory Inventory Purchased Unit Cost Total Cost Merchandise Sold Sold Total Cost Quantity Unit Cost Unit Cost Apr. 5,394 Date Total Cost 62 Apr. 10 49 4.263 Apr. 15 Apr. 20 III 100 III IIII 1000 IDIO Apr. 24 Apr 30 O Apr 30 Balances Feedback Check My Work Omore Check My Work uses remaining Previous Next All work saved. Save and Exit Submit Assignment for Grading