Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 73 units @ $91 10 Sale 48 units 15 Purchase 43 units @ $96 20 Sale 31 units 24 Sale 20 units 30 Purchase 37 units @ $100 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.

Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 73 units @ $91 10 Sale 48 units 15 Purchase 43 units @ $96 20 Sale 31 units 24 Sale 20 units 30 Purchase 37 units @ $100 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.

Name: Perpetual Inventory Using FIFOBeginning inventory, purchases, and sal
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Description: Perpetual Inventory Using FIFOBeginning inventory, purchases, and sales data for portable game players are as follows:Apr. 1Inventory73 units @ $9110Sale48 units15Purchase43 units @ $96Sale31 units24Sale20 units30Purchase37 units @ $100The business

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 3E: Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for DVD players are as...

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Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: The business maintains a perpetual inventory system, costing by the first-in, first-out method. A. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. B. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method?
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