Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1   Inventory 57 units @ $47 10   Sale 37 units 15   Purchase 30 units @ $49 20   Sale 25 units 24   Sale 17 units 30   Purchase 24 units @ $51 The business maintains a perpetual inventory system, costing by the first-in, first-out method. 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. a.  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. Cost of the Merchandise Sold Schedule First-in, First-out Method Portable DVD Players Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Cost of Merchandise Sold Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Apr. 1               $ $ Apr. 10         $ $       Apr. 15   $ $                                 Apr. 20                                       Apr. 24                   Apr. 30                                       Apr. 30 Balances         $     $ b.  Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method?

Beginning inventory, purchases and sales data for T-shirts are as follows: April 3 Inventory 24 units @ $10 11 Purchase 26 units @ $12 14 Sale 36 units     21 Purchase 18 units @ $15 25 Sale 20 units       Assuming the business maintains a periodic inventory system; calculate the cost of merchandise sold and ending inventory under the following assumptions: FIFO LIFO Average cost In your computations, round the average cost per unit to two decimal places and round your final answers to the nearest dollar.

Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 22 units @ $16 11 Purchase 17 units @ $14 14 Sale 26 units 21 Purchase 10 units @ $20 25 Sale 19 units Complete the inventory record assuming the business maintains a perpetual inventory system, and determine the cost of goods sold and ending inventory using FIFO. Cost of Goods Sold Cost of Goods Sold Cost of Goods Sold Total Cost Qty Unit Cost Date April 3 11 14 21 25 Balances Purchases Qty Purchases Unit Cost Purchases Total Cost 00 A FA 00 00 00 Inventory Qty 0000 000 Inventory Unit Cost 000 0000 $ S Inventory Total Cost

Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory   Purchases   Sales   Dec. 1 3,800 units at $23 Dec. 10 1,900 units at $25 Dec. 12 2,660 units     Dec. 20 1,710 units at $27 Dec. 14 2,280 units         Dec. 31 1,140 units Question Content Area a.  Assuming that the perpetual inventory system is used, costing by the LIFO method, 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 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods SoldLIFO MethodPrepaid Cell Phones Date QuantityPurchased PurchasesUnit Cost PurchasesTotal Cost QuantitySold Cost ofGoods SoldUnit Cost Cost ofGoods SoldTotal Cost InventoryQuantity InventoryUnit…