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

Question

Beginning inventory, purchases, and sales data for DVD players are as follows: November Inventory 10 15 Purchase 20 24 30 Purchase 70 units at $73 56 units 36 units at 76 18 units 15 units 26 units at $81 Sale Sale Sale 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 Scld 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

Explanation / Answer

Cost of Goods Sold Schedule

First-in, First-out Method

DVD Players  

Schedule of Cost of Goods Sold

Weighted Average Cost Flow Method

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 Total cost Nov 1 70 73 5,110 (70*73) Nov 10 56 73 4,088 (56*73) 14 (70-56) 73 1,022 (14*73) Nov 15 36 76 2,736 (36*76) 14 73 1,022 36 76 2,736 Nov. 20 14 73 1,022 (14*73) 32 (36-4) 76 2,432 (32*73) 4 76 304 (4*76) Nov. 24 15 76 1,140 17 (32-15) 76 1,292 (17*76) Nov 30 26 81 2,106 17 73 1,292 (17*76) 26 81 2,106 (26*81) Nov. 30 Balances 6,554 3,398

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