Question

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 65 units @ $52 Sale 49 units 15 79 units $55 Purchase Sale 20 46 units 24 Sale 11 units Purchase 38 units $57 The business maintains a perpetual inventory system, costing by the last-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 Under UFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Merchandise Sold LIFO Method Portable Game Players Inventory Inventory Unit Inventory Total Purchases Unit Purchases Total Quantity Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Date Quantity Purchased Sold Apr Previous Next >

Answer 1

Date	Quantity purchased	Unit cost	Total cost	Quantity sold	Unit cost	Total cost	Inventory Quantity	Unit cost	Total cost
Apr 1							65	52	3380
Apr 10				49	52	2548	16	52	832
Apr 15	79	55	4345				16	52	832
							79	55	4345
Apr 20				46	55	2530	16	52	832
							33	55	1815
Apr 24				11	55	605	16	52	832
							22	55	1210
Apr 30	38	57	2166				16	52	832
							22	55	1210
							38	57	2166
Apr 30 Balance						5683			4208