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Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: A1 Inventory 62 units $100 15 Purchase 335100 Sale Purchase 35 units 5112 The business maintains a perpetual inventory system, costing by the first in, fust-out method Determine the cost of the merchandise sold for each sane and the inventory balance after each sale,preting the data in the form strated in Exhibit). a. Under FIFO, If units are in inventory two different costs, enter the units with the LOWER unit costust in the cost of Merchandise Sold e st column and in the inventory Unit Cost column Cost of the Merchandise Sold Schedule Portable DVD Players Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost InventoryQuantity Date Quantity Purchased Purchase Unit Cost Purchase Total Cost Quantity Cost of Merchandise Sold Apr 10 Apc 30 Ralances Chao My Wom

Answer 1

Cost of Merchandise Sold Schedule Fifo method Perpetual Inventory System Purchases Cost of Merchandise sold unit cost Total cost Quantity unit cost Total cost Date Quantity Apr-01 Inventory Quantity unit cost total cost 62 $100.00 $ 6,200.00 10-Apr 52 $ 100.00 $ 5,200.00 10 $100.00 $1,000.00 15-Apr 33 $106.00 $3,498.00 10 $ 100.00 33 $106.00 $1,000.00 $3,498.00 20-Apr 27 $106.00 $ 2,862.00 10 $ 6 $ 100.00 106.00 $ $ 1,000.00 636.00 24-Apr 14 $ 106.00 $ 1,484.00 13 $106.00 $1,378.00 30-Apr 35 $112.00 $3,920.00 13 $106.00 35 $112.00 $1,378.00 $ 3,920.00 30-Apr Balance $ 8,320.00 $ 5,298.00