Question

Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 30 Purchase 52 units $86 43 units 69 units$91 39 units 12 units 24 units s96 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 Pla Date Apr. 1 Apr. 10 Apr. 15 Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Apr. 20 Apr. 24 Apr. 30 pr. 30 Balance

Answer 1

Date	Quantity	Purchases	Purchases	Quantity	COMS	COMS	Inventory	Inventory	Inventory
	purchased	Unit cost	Total cost	sold	Unit cost	Total cost	units	Unit cost	Total cost
1-Nov							52	86	4472
10-Apr				43	86	3698	10	86	860
15-Apr	69	91	6279				9	86	774
							69	91	6279
20-Apr				39	91	3549	9	86	774
							30	91	2730
24-Apr				12	91	1092	9	86	774
							18	91	1638
30-Apr	24	96	2304				9	86	774
							18	91	1638
							24	96	2304
30-Apr	Balance		8583			8339			4716