Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: 60 units at $50 50 units 28 units at $53 14 units Nov. 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 10 units 30 Purchase 20 units at $56 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. 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 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. Date Nov. 1 Nov. 10 Nov. 15 First-in, First-out Method DVD Players Quantity Purchases Purchases Purchased Unit Cost Total Cost Check My Work Cost of Cost of Quantity Goods Sold Goods Sold Inventory Inventory Inventory Sold Unit Cost Total Cost Quantity Unit Cost Total Cost Previous Next >

Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: 60 units at $50 50 units 28 units at $53 14 units Nov. 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 10 units 30 Purchase 20 units at $56 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. 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 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. Date Nov. 1 Nov. 10 Nov. 15 First-in, First-out Method DVD Players Quantity Purchases Purchases Purchased Unit Cost Total Cost Check My Work Cost of Cost of Quantity Goods Sold Goods Sold Inventory Inventory Inventory Sold Unit Cost Total Cost Quantity Unit Cost Total Cost Previous Next >

Name: Nov. 10Nov., 15Nov. 20Nov. 24Nov. 30UNov. 30 BalancesFeedback3000 000
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Description: Nov. 10Nov., 15Nov. 20Nov. 24Nov. 30UNov. 30 BalancesFeedback3000 000✓ Check My WorkNote that this exercise uses the perpetual inventory system. FIFO means that the first units purchased are assumed to be the first to be sold. Therefore, ending inve

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 3E: Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for DVD players are as...

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