EX 6-3 Perpetual inventory using FIFO 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 at $43 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale. b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method?
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