Beginning inventory, purchases, and sales data for DVD players are as follows: 56 units at $65 40 units 29 units at $69 24 units 12 units 25 units at $73 Nov. 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 30 Purchase 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. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 Nov. 24 Nov. 30 Nov. 30 Balances Quantity Purchases Purchases Quantity Purchased Unit Cost Total Cost Sold Xx 0 First-in, First-out Method DVD Players 0 0 1: 0000 Cost of Cost of Goods Sold Goods Sold Inventory Inventory Inventory Unit Cost Total Cost Quantity Unit Cost Total Cost 88 00000000 000 00000 88 000000000

Beginning inventory, purchases, and sales data for DVD players are as follows: 56 units at $65 40 units 29 units at $69 24 units 12 units 25 units at $73 Nov. 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 30 Purchase 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. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 Nov. 24 Nov. 30 Nov. 30 Balances Quantity Purchases Purchases Quantity Purchased Unit Cost Total Cost Sold Xx 0 First-in, First-out Method DVD Players 0 0 1: 0000 Cost of Cost of Goods Sold Goods Sold Inventory Inventory Inventory Unit Cost Total Cost Quantity Unit Cost Total Cost 88 00000000 000 00000 88 000000000

Name: 03 Beginning inventory, purchases, and sales data for DVD players are
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Description: 03 Beginning inventory, purchases, and sales data for DVD players are as follows:Nov. 1 Inventory56 units at $6510 Sale40 units15 Purchase29 units at $6920 Sale24 units24 Sale12 units30 Purchase25 units at $73The business maintains a perpetual invent

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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