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Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 61 units @ $57 10 Sale 45 units 15 Purchase 30 units @ $59 20 Sale 25 units 10 units 24 Sale 30 Purchase 22 units @ $63 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. a. 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. Cost of the Merchandise Sold Schedule First-in, First-out Method Portable DVD Players Quantity Cost Cost of Cost of Quantity Purchases Purchases of Inventory Inventory Inventory Date Merchandise Merchandise Purchased Unit Cost Total Cost Merchandise Unit Cost Quantity Total Cost Sold Unit Cost Sold Total Cost ( Previous Next Mie num Laculd Print Rem Quantity Purchased Date Purchases Unit Cost Portable DVD Players Quantity Cost Cost of of Merchandise Merchandise Sold Unit Cost Sold Purchases Total Cost Cost of Merchandise Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Apr. 61 57 $ 3.477 45 57 2,280 X 16 57 912 Apr. 10 Apr. 15 30 s 59 s 1.770 16 57 912 30 59 1.770 16 57 912 16 X 57 Apr 20 1.770 X 14 X Apr 24 Apr. 30 22 63 1386 Apr. 30 Balances Feedba Check My Wor

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