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.
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Inventory |
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Purchases |
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Sales |
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July 1 |
100 units at $30 |
July |
3 |
80 units at $32 |
July 7 |
72 units |
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|
|
21 |
60 units at $33 |
13 |
80 units |
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31 |
32 units |
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