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Perpetual Inventory Using FIFO, Beginning inventory, purchases, and sales data for DVD players are as follows:
November 1 Inventory 62 units at $6010
Sale 51 units 15 Purchase 31 units at $6420
Sale 17 units24
Sale 16 units 30 Purchase 20 units at $68
The business maintains a perpetual inventory system, costing by the first-in, first-out method.
Problem 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 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.
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