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The business maintains a perpetual inventory system

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

Apr. 1 Inventory 50 units at $35
5 Sale 40 units
14 Purchase 60 units at $36
21 Sale 35 units
23 Sale 10 units
30 Purchase 75 units at $38

The business maintains a perpetual inventory system, costing by the first-in, first-out method. 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.

Reference no: EM131122984

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