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Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for...

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Accounting

Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows:
Inventory Purchases Sales
May 13,700 units at $36 May 101,850 units at $38 May 122,590 units
201,665 units at $40142,220 units
311,110 units
Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of 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.
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