Question

Sale Purchase Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 38 units at $74 10 26 units 15 48 units at $78 20 Sale 27 units 24 Sale 7 units 30 20 units at $81 The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of goods sold 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 Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LIFO Method DVD Players Purchase Cost of Cost of Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Purchased Unit Cost Total Cost Sold Unit Cost Total Cost Quantity Inventory Inventory Unit Cost Total Cost Date Nov. 1 Nov. 10 (Previous

Answer 1

Schedule of Cost of Goods Sold

LIFO Method
DVD Players

Date	Quantity Purchased	Purchases Unit Cost	Purchases Total Cost	Quantity Sold	Cost of Goods Sold Unit Cost	Cost of Goods Sold Total Cost	Inventory Quantity	Inventory Unit Cost	Inventory Total Cost
Nov.1							38	$ 74	$ 2812
Nov. 10				26	$ 74	$ 1924	12	$ 74	$ 888
Nov. 15	48	$ 78	$ 3744				48	$ 78	$ 3744
							12	$ 74	$ 888
Nov. 20				27	$ 78	$ 2106	21	$ 78	$ 1638
							12	$ 74	$ 888
Nov. 24				7	$ 78	$ 546	14	$ 78	$ 1092
							12	$ 74	$ 888
Nov. 30	20	$ 81	$ 1620				20	$ 81	$ 1620
							14	$ 78	$ 1092
							12	$ 74	$ 888