**Perpetual Inventory Using FIFO***Beginning inventory, purchases, and sales data for portable game players are as follows:*- **Apr. 1** - Inventory: 73 units @ $91- **Apr. 10** - Sale: 48 units- **Apr. 15** - Purchase: 43 units @ $96- **Apr. 20** - Sale: 31 units- **Apr. 24** - Sale: 20 units- **Apr. 30** - Purchase: 37 units @ $100The business maintains a perpetual inventory system, costing by the first-in, first-out method.**Instructions:**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**This table is designed to track the perpetual inventory account using the First-in, First-out (FIFO) method for portable game players.**Columns:**1. **Date** - Indicates when transactions occur.2. **Quantity Purchased** - The number of items purchased on each date.3. **Purchases Unit Cost** - The cost per unit for the items purchased.4. **Purchases Total Cost** - Total cost paid for the purchases.5. **Quantity Cost of Merchandise Sold** - Quantity of merchandise sold on a date.6. **Cost of Merchandise Sold Unit Cost** - Cost per unit of merchandise sold.7. **Cost of Merchandise Sold Total Cost** - Total cost of the units sold.8. **Inventory Quantity** - Quantity of items remaining in inventory after a transaction.9. **Inventory Unit Cost** - Cost per unit of the remaining inventory.10. **Inventory Total Cost** - Total cost value of the remaining inventory.**Rows (Dates):**- **Apr. 1**: Initial status before any activity.- **Apr. 10**: Activity where 48 units are potentially sold. Costs need to be calculated.- **Apr. 15**: 43 units are purchased at $96 per unit.- **Apr. 20**: Another sale occurs; number of units sold needs to be considered.- **Apr. 24**: 20 units are potentially sold.- **Apr. 30**: 37 units purchased at $100 per unit.- **Apr. 30 Balances**: Final balances of inventory need to be calculated.This table is intended to help in understanding the movements and costs of inventory in an educational setting.

Name: **Perpetual Inventory Using FIFO***Beginning inventory, purchases, an
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Description: **Perpetual Inventory Using FIFO***Beginning inventory, purchases, and sales data for portable game players are as follows:*- **Apr. 1** - Inventory: 73 units @ $91- **Apr. 10** - Sale: 48 units- **Apr. 15** - Purchase: 43 units @ $96- **Ap

FIFO: FIFO stands for First-In, First-Out. In this method inventory purchased first will be sell…

Business

Accounting

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.

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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