Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 180 units at $40 10 Sale 140 units 15 Purchase 210 units at $42 20 Sale 170 units 24 Sale 60 units 30 Purchase 240 units at $46 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 Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 180 units at $40 10 Sale 140 units 15 Purchase 210 units at $42 20 Sale 170 units 24 Sale 60 units 30 Purchase 240 units at $46 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.
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 | 180 units at $40 | |
10 | Sale | 140 units | |
15 | Purchase | 210 units at $42 | |
20 | Sale | 170 units | |
24 | Sale | 60 units | |
30 | Purchase | 240 units at $46 |
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.
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