Show Me How Perpetual Inventory Using FIFO Printem Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 30 Purchase 180 units at $40 140 units 210 units at $42 170 units 60 units 240 units at $46 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. 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. 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. Perpetual Inventory Account First-in, First-out Method Portable Game Players Date Quantity Purchased Purchases Purchases Unit Cost Total Cost Quantity Cost of Merchandise Sold Cost of Merchandise Merchandise Sold Unit Cost Cost of Sold Total Cost Inventory Quantity Inventory Inventory Unit Cost Total Cost Apr. 1 Apr. 10 Apr. 15 Apr. 20 Check My Work Previous Next >