Question

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are Apr. 1 Inventory 55 units $98 Sale 41 units Purchase 67 units $104 Sale 38 units 10 20 24 Sale 9 units Purchase 25 units $108 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 4 Under LIFO, 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 Quantity Purchases Purchases Quantity Cost of Merchandise Cost of Merchandise Triventory Inventory Inventory Date Purchased Unit Cost Total Cost Sold Sold Unit Cost Sold Total Cost Quantity Unit Cost Total Cast (Previous Next

Answer 1

LIFO Method Sales Purchases Balance Date Quantity Unit Cost Total Cost Quantity Unit Cost | Total Cost Quantity Unit Cost Total Cost Apr. 01 55 98 41 98 14 98 Apr. 10 Apr. 15 6968 Apr. 20 104 14 29 104 5390 1372 1372 6968 1372 3016 1372 2080 1372 2080 2700 6152 Apr. 24 104 20 104 98 Apr. 30 25 2700 14 20 104 108 Totals 8906