Question

Perpetual Inventory Using LIFO Beginning inventory has ales data for portate ame players are as follows 77 units 10 Sale 15 Purchase 95 units $103 Sobe 54 units 20 24 Sale 16 units 70 Perchase 30 units 5109 The business maintains a perpetui tary system, costing by the last fest-out method Determine the c h andise sold for each the ory once reach penting the data in the form e d intohibit 4. Under UFO, W w e inventory at twe n tos, enter the units with the HIGHER it cost first in the cost of Merchandise Sold Unit Cost column LOWER cost first in the Inventory Unit Cost column Schedule of Cost of Merchandise Sold LIFO Method Portable Game Players of Merchandise Sold Ut Gout Gout of Merdan Dute Quantity Purchased Purchase t h at Got Quantity totalt f or at story conventory Total Cost

Answer 1

Correct Answer:

Perpetual Inventory Method
LIFO
	Purchases			Sales			Balance
	Units	Rate	Amount	Units	Rate	Amount	Units	Rate	Amount
01-Apr							77	$                   97.00	$          7,469.00
10-Apr				65	$         97.00	$               6,305.00	12	$                   97.00	$          1,164.00
15-Apr	95.00	$ 103.00	$            9,785.00				95	$                 103.00	$          9,785.00
							12	$                   97.00	$          1,164.00
20-Apr				54	$       103.00	$               5,562.00	41	$                 103.00	$          4,223.00
							12	$                   97.00	$          1,164.00
24-Apr				16	103	$               1,648.00	25	$                 103.00	$          2,575.00
							12	$                   97.00	$          1,164.00
30-Apr	30.00	109	$            3,270.00				30	$                 109.00	$          3,270.00
							25	103	$          2,575.00
							12	$                   97.00	$          1,164.00
Total
Total cost of goods sold				135		$             13,515.00
Ending inventory							67		$          7,009.00

End of answer.

Please give a thumbs-up, it will be highly appreciated.

Thanks.