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EX 6-3 PERPETUAL INVENTORY USING FIFO

EX 6-3 Perpetual inventory using FIFO

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

April 1 Inventory 120 units at $39
6 Sale 90 units
14 Purchase 140 units at $40
19 Sale 110 units
25 Sale 45 units
30 Purchase 160 units at $43

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.

 

b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method?

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