Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 47 units @ $69 10 Sale 35 units 15 Purchase 27 units @ $72 20 Sale 21 units 24 Sale 14 units 30 Purchase 20 units @ $75 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. Perpetual Inventory Account First-in, First-out Method Portable Game Players Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Cost of Merchandise Sold Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Apr. 1 fill in the blank cc2063093046069_1 $fill in the blank cc2063093046069_2 $fill in the blank cc2063093046069_3 Apr. 10 fill in the blank cc2063093046069_4 $fill in the blank cc2063093046069_5 $fill in the blank cc2063093046069_6 fill in the blank cc2063093046069_7 fill in the blank cc2063093046069_8 fill in the blank cc2063093046069_9 Apr. 15 fill in the blank cc2063093046069_10 $fill in the blank cc2063093046069_11 $fill in the blank cc2063093046069_12 fill in the blank cc2063093046069_13 fill in the blank cc2063093046069_14 fill in the blank cc2063093046069_15 fill in the blank cc2063093046069_16 fill in the blank cc2063093046069_17 fill in the blank cc2063093046069_18 Apr. 20 fill in the blank cc2063093046069_19 fill in the blank cc2063093046069_20 fill in the blank cc2063093046069_21 fill in the blank cc2063093046069_22 fill in the blank cc2063093046069_23 fill in the blank cc2063093046069_24 fill in the blank cc2063093046069_25 fill in the blank cc2063093046069_26 fill in the blank cc2063093046069_27 Apr. 24 fill in the blank cc2063093046069_28 fill in the blank cc2063093046069_29 fill in the blank cc2063093046069_30 fill in the blank cc2063093046069_31 fill in the blank cc2063093046069_32 fill in the blank cc2063093046069_33 Apr. 30 fill in the blank cc2063093046069_34 fill in the blank cc2063093046069_35 fill in the blank cc2063093046069_36 fill in the blank cc2063093046069_37 fill in the blank cc2063093046069_38 fill in the blank cc2063093046069_39 fill in the blank cc2063093046069_40 fill in the blank cc2063093046069_41 fill in the blank cc2063093046069_42 Apr. 30 Balances $fill in the blank cc2063093046069_43 $fill in the blank cc2063093046069_44 b. Based upon the preceding data, would you expect the ending inventory to be higher or lower using the last-in, first-out method?

Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 47 units @ $69 10 Sale 35 units 15 Purchase 27 units @ $72 20 Sale 21 units 24 Sale 14 units 30 Purchase 20 units @ $75 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. Perpetual Inventory Account First-in, First-out Method Portable Game Players Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Cost of Merchandise Sold Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Apr. 1 fill in the blank cc2063093046069_1 $fill in the blank cc2063093046069_2 $fill in the blank cc2063093046069_3 Apr. 10 fill in the blank cc2063093046069_4 $fill in the blank cc2063093046069_5 $fill in the blank cc2063093046069_6 fill in the blank cc2063093046069_7 fill in the blank cc2063093046069_8 fill in the blank cc2063093046069_9 Apr. 15 fill in the blank cc2063093046069_10 $fill in the blank cc2063093046069_11 $fill in the blank cc2063093046069_12 fill in the blank cc2063093046069_13 fill in the blank cc2063093046069_14 fill in the blank cc2063093046069_15 fill in the blank cc2063093046069_16 fill in the blank cc2063093046069_17 fill in the blank cc2063093046069_18 Apr. 20 fill in the blank cc2063093046069_19 fill in the blank cc2063093046069_20 fill in the blank cc2063093046069_21 fill in the blank cc2063093046069_22 fill in the blank cc2063093046069_23 fill in the blank cc2063093046069_24 fill in the blank cc2063093046069_25 fill in the blank cc2063093046069_26 fill in the blank cc2063093046069_27 Apr. 24 fill in the blank cc2063093046069_28 fill in the blank cc2063093046069_29 fill in the blank cc2063093046069_30 fill in the blank cc2063093046069_31 fill in the blank cc2063093046069_32 fill in the blank cc2063093046069_33 Apr. 30 fill in the blank cc2063093046069_34 fill in the blank cc2063093046069_35 fill in the blank cc2063093046069_36 fill in the blank cc2063093046069_37 fill in the blank cc2063093046069_38 fill in the blank cc2063093046069_39 fill in the blank cc2063093046069_40 fill in the blank cc2063093046069_41 fill in the blank cc2063093046069_42 Apr. 30 Balances $fill in the blank cc2063093046069_43 $fill in the blank cc2063093046069_44 b. Based upon the preceding data, would you expect the ending inventory to be higher or lower using the last-in, first-out method?

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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Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales data for portable game players are as follows:

Apr. 1	Inventory	47 units @ $69
10	Sale	35 units
15	Purchase	27 units @ $72
20	Sale	21 units
24	Sale	14 units
30	Purchase	20 units @ $75

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.



Perpetual Inventory Account First-in, First-out Method Portable Game Players
Date	Quantity Purchased	Purchases Unit Cost	Purchases Total Cost	Quantity Cost of Merchandise Sold	Cost of Merchandise Sold Unit Cost	Cost of Merchandise Sold Total Cost	Inventory Quantity	Inventory Unit Cost	Inventory Total Cost
Apr. 1							fill in the blank cc2063093046069_1	$fill in the blank cc2063093046069_2	$fill in the blank cc2063093046069_3
Apr. 10				fill in the blank cc2063093046069_4	$fill in the blank cc2063093046069_5	$fill in the blank cc2063093046069_6	fill in the blank cc2063093046069_7	fill in the blank cc2063093046069_8	fill in the blank cc2063093046069_9
Apr. 15	fill in the blank cc2063093046069_10	$fill in the blank cc2063093046069_11	$fill in the blank cc2063093046069_12				fill in the blank cc2063093046069_13	fill in the blank cc2063093046069_14	fill in the blank cc2063093046069_15
							fill in the blank cc2063093046069_16	fill in the blank cc2063093046069_17	fill in the blank cc2063093046069_18
Apr. 20				fill in the blank cc2063093046069_19	fill in the blank cc2063093046069_20	fill in the blank cc2063093046069_21	fill in the blank cc2063093046069_22	fill in the blank cc2063093046069_23	fill in the blank cc2063093046069_24
				fill in the blank cc2063093046069_25	fill in the blank cc2063093046069_26	fill in the blank cc2063093046069_27
Apr. 24				fill in the blank cc2063093046069_28	fill in the blank cc2063093046069_29	fill in the blank cc2063093046069_30	fill in the blank cc2063093046069_31	fill in the blank cc2063093046069_32	fill in the blank cc2063093046069_33
Apr. 30	fill in the blank cc2063093046069_34	fill in the blank cc2063093046069_35	fill in the blank cc2063093046069_36				fill in the blank cc2063093046069_37	fill in the blank cc2063093046069_38	fill in the blank cc2063093046069_39
							fill in the blank cc2063093046069_40	fill in the blank cc2063093046069_41	fill in the blank cc2063093046069_42
Apr. 30	Balances					$fill in the blank cc2063093046069_43			$fill in the blank cc2063093046069_44

b. Based upon the preceding data, would you expect the ending inventory to be higher or lower using the last-in, first-out method?

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