uction VISION Portable Game Players They came before Reading Purchases Unit Cost Quantity Purchased Quantity Cost of Merchandise Sold Purchases Total Cost Date Cost of Cost of Merchandise Merchandise Sold Unit Cost Total Cost Sold Inventory Inventory Unit Quantity Cost 58 5 56 Apr. 1 Inventory Total Cost 2240 Apr. 10 41 56 2.296 56 Apr. 15 32 58 1,856 Apr. 20 Apr. 24 Apr. 30 o I | 11 Apr. 30 Balances Feedback b. Based upon the preceding data, would you expect the ending inventory to be higher or lower using the last-ir, first-out method? Lower Check My Work Save and Exit Submit Assignment for Grading All work saved. Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 58 units 556 10 Sale 41 Units 15 Purchase 32 units $50 20 Sale 25 units 24 Sale 16 units 36 Purchase 39 units 561 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 to test is 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 Quantity Cost of Merchandic Cost of Cost of Merchandise Merchandise Sold Sold Inventory Inventory Purchases Purchases Next