59 units at $81 48 units 33 units at $84 17 units 18 units 27 units at $88 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 Nov. 24 Nov. 30 November 1 10 15 X 15 20 24 30 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. Inventory Sale Purchase Sale Sale Purchase Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Quantity Purchases Purchases Purchased Unit Cost Total Cost Quantity Sold Cost of Goods Sold Unit Cost Cost of Goods Sold Inventory Inventory Inventory Total Cost Quantity Unit Cost Total Cost 00 00
59 units at $81 48 units 33 units at $84 17 units 18 units 27 units at $88 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 Nov. 24 Nov. 30 November 1 10 15 X 15 20 24 30 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. Inventory Sale Purchase Sale Sale Purchase Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Quantity Purchases Purchases Purchased Unit Cost Total Cost Quantity Sold Cost of Goods Sold Unit Cost Cost of Goods Sold Inventory Inventory Inventory Total Cost Quantity Unit Cost Total Cost 00 00
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 63E: ( Appendix 6B) Inventory Costing Methods: Periodic Inventory System The inventory accounting records...
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