Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales data for portable DVD players are as follows:

June 1 Inventory 75 units @ $40
June 6 Sale 60 units
June 14 Purchase 90 units @ $42
June 19 Sale 50 units
June 25 Sale 20 units
June 30 Purchase 80 units @ $45

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. 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.

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