Beginning inventory, purchases, and sales data for portable DVD players are as f
ID: 2416415 • Letter: B
Question
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 $ 43
a. 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. If units are in inventory at two different costs, enter the OLDEST units first.
Cost of the Merchandise Sold Schedule
First-in, First-out Method
Portable DVD Players
Date
Quantity Purchased
Purchases Unit Cost
Purchases Total Cost
Quantity Sold
Cost of Merchandise Sold Unit Cost
Cost of Merchandise Sold Total Cost
Inventory Quantity
Inventory Unit Cost
Inventory Total Cost
April 1
120
$ 39
$ 4,680
April 6
$
$
April 14
$
$
April 19
April 25
April 30
April 30
Balances
$
$
Cost of the Merchandise Sold Schedule
First-in, First-out Method
Portable DVD Players
Date
Quantity Purchased
Purchases Unit Cost
Purchases Total Cost
Quantity Sold
Cost of Merchandise Sold Unit Cost
Cost of Merchandise Sold Total Cost
Inventory Quantity
Inventory Unit Cost
Inventory Total Cost
April 1
120
$ 39
$ 4,680
April 6
$
$
April 14
$
$
April 19
April 25
April 30
April 30
Balances
$
$
Explanation / Answer
STATEMENT SHOWING COST OF MERCHANDISE SOLD UNDER PERPETUAL FIFO METHOD Purchases COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Apr 120 39 4680 6-Apr 90 39 3510 30 39 1170 14-Apr 140 40 5600 30 39 1170 140 40 5600 19-Apr 30 39 1170 80 40 3200 60 40 2400 25-Apr 45 40 1800 15 40 600 30-Apr 160 43 6880 15 40 600 160 43 6880 TOTAL 300 12480 245 9680 175 7480 Cost of Merchandise sold 9680 Ending inventory 7480
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