Perpetual Inventory Using FIFO TE E Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 38 units @ $61 10 Sale 32 units 15 Purchase 19 units @ $63...

Extracted text: Perpetual Inventory Using FIFO TE E Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 38 units @ $61 10 Sale 32 units 15 Purchase 19 units @ $63 20 Sale 14 units 24 Sale 6 units 30 Purchase 32 units @ $66 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.


Extracted text: Perpetual Inventory Account First-in, First-out Method Portable Game Players Quantity Cost of Cost of Cost of Merchandise Merchandise Purchases Purchases Inventory Inventory Merchandise Sold Sold Quantity Unit Total Inventory Unit Total Sold Unit Cost Total Cost Date Purchased Cost Cost Quantity Cost Cost Apr. 1 38 V $ 61 2,318 Apr. 10 32 61 1,952 61 366 Apr. 15 19 63 1,197 61 366 19 63 1,197 Apr. 20 61 366 11 63 693 8 V 63 504 Apr. 24 63 378 5 63 315 Apr. 30 32 66 2,112 63 315 32 66 2,112 Apr. 30 Balances 378 X 2,112 X > > >