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Beginning inventory, purchases, and sales data for portable game players are as follows: 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. b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method?
Financial Accounting
Solutions
Financial Accounting
Beginning inventory, purchases, and sales data for portable game players are as follows:
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.
- b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method?
(a)
Determine the cost of merchandise sold for each sale and inventory balance after each sale of PG as on April 30.
Explanation of Solution
In First-in-First-Out method, the costs of the initially purchased items are considered as cost of goods sold, for the items which are sold first...
(b)
State if inventory for the preceding data is expected to be higher or lower using last-in-first out method.
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