### question perpetual inventory using fifo the business maintains a perpetual inventory 4277755

Question

Perpetual Inventory Using FIFO

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.

Cost of the Merchandise Sold Schedule

First-in, First-out Method

Portable DVD Players

Date

Quantity Purchased

Purchases Unit Cost

Purchases Total Cost

Quantity Sold

Cost of Merchandise Sold Unit Cost

Cost of Merchandise Sold Total Cost

Inventory Quantity

Inventory Unit Cost

Inventory Total Cost

April 1

120

\$ 39

\$ 4,680

April 6

April 14

April 19

April 25

April 30

April 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?

SelectHigherLowerCorrect 1 of Item 2

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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.

 Cost of the Merchandise Sold Schedule
 First-in, First-out Method
 Portable DVD Players
 Date

 Quantity Purchased

 Purchases Unit Cost

 Purchases Total Cost

 Quantity Sold

 Cost of Merchandise Sold Unit Cost

 Cost of Merchandise Sold Total Cost

 Inventory Quantity

 Inventory Unit Cost

 Inventory Total Cost
 April 1

 120

 \$ 39

 \$ 4,680
 April 6

 \$

 \$

 April 14

 \$

 \$

 April 19

 April 25

 April 30

 April 30

 Balances

 \$

 \$