Example 3 and 4 1 EX 6-3 Perpetual inventory using FIFO...
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Accounting
Example 3 and 4
1 EX 6-3 Perpetual inventory using FIFO Obj. 2, 3 Beginning inventory, purchases, and sales data for DVD players are as follows: November Inventory 120 units at $39 10 Sale 90 units 15 Purchase 140 units at $40 20 Sale 110 units 24 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 goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. B. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method? EX 6-4 Perpetual inventory using LIFO Obj. 2, 3 Assume that the business in Exercise 6-3 maintains a perpetual inventory system, costing by the last-in, first-out method. 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 4
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