Beginning inventory, purchases, and sales data for DVD players are as follows: Date Line Item Description Units and Cost Nov. 1 Inventory 140 units at $29 10 Sale 110 units 15 Purchase 150 units at $30 20 Sale 120 units 24 Sale 35 units 30 Purchase 140 units at $34 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Question Content Area a. Determine the cost of 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. First-in, First-out MethodDVD 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
Beginning inventory, purchases, and sales data for DVD players are as follows: Date Line Item Description Units and Cost Nov. 1 Inventory 140 units at $29 10 Sale 110 units 15 Purchase 150 units at $30 20 Sale 120 units 24 Sale 35 units 30 Purchase 140 units at $34 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Question Content Area a. Determine the cost of 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. First-in, First-out MethodDVD 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
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 3E: Beginning inventory, purchases, and sales data for portable game players are as follows: The...
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Topic Video
Question
Beginning inventory, purchases, and sales data for DVD players are as follows:
| Date | Line Item Description | Units and Cost |
|---|---|---|
| Nov. 1 | Inventory | 140 units at $29 |
| 10 | Sale | 110 units |
| 15 | Purchase | 150 units at $30 |
| 20 | Sale | 120 units |
| 24 | Sale | 35 units |
| 30 | Purchase | 140 units at $34 |
The business maintains a perpetual inventory system, costing by the first-in, first-out method.
Question Content Area
a. Determine the cost of 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.
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 |
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