Question

In: Accounting

Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows:...

Perpetual Inventory Using FIFO

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

November 1 Inventory 42 units at $45
10 Sale 28 units
15 Purchase 21 units at $48
20 Sale 23 units
24 Sale 7 units
30 Purchase 24 units at $50

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

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 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 Goods Sold Unit Cost column and in the Inventory Unit Cost column.

Cost of the Goods Sold Schedule
First-in, First-out Method
DVD Players



Date

Quantity
Purchased

Purchases
Unit Cost

Purchases
Total Cost

Quantity
Sold
Cost of
Goods Sold
Unit Cost
Cost of
Goods Sold
Total Cost

Inventory
Quantity

Inventory
Unit Cost

Inventory
Total Cost
Nov. 1
Nov. 10
Nov. 15
Nov. 20
Nov. 24
Nov. 30
Nov. 30 Balances

Solutions

Expert Solution

Cost of Merchandize Sold Schedule
FIFO
Portable DVD Player
Date Quantity Purchased Purchase Unit Cost purchase Total Cost Quantity Cost of merchadize sold Cost of merchadize sold Unit Cost Cost of merchadize sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost
Apr. 1                           -                      42.00                    45.00              1,890.00
Apr. 10                    28.00                    45.00              1,260.00                    14.00                    45.00                 630.00
Apr. 15                    21.00                    48.00              1,008.00                    14.00                    45.00                 630.00
                   21.00                    48.00              1,008.00
Apr. 20                    14.00                    45.00                 630.00                    12.00                    48.00                 576.00
                     9.00                    48.00                 432.00
Apr. 24                      7.00                    48.00                 336.00                      5.00                    48.00                 240.00
Apr. 30                    24.00                    50.00              1,200.00                      5.00                    48.00                 240.00
                   24.00                    50.00              1,200.00
Total                    45.00              2,208.00                    58.00              2,658.00                    29.00              1,440.00

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