Answer Happy

Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 10 15 20 24 30 49 units at $85 39 units 26 units at $90 16 units 16 units 29 units at $95 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Date a. Determine the cost of the 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. Nov. Nov. 10 Nov. 15 Nov. 20 Nov. 24 Nov. 30 Quantity Purchased 0 Sale Check My Work Purchase Sale Sale Purchase Purchases Unit Cost Purchases Total Cost Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Quantity Sold Cost of Goods Sold Unit Cost Cost of Goods Sold Inventory Total Cost Quantity 888 Inventory Unit Cost 00000 000 ¹00000 000 Inventory Total Cost 00000000 E Previous Next >