Question

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows:...

Perpetual Inventory Using LIFO

Beginning inventory, purchases, and sales data for DVD players are as follows:

November 1 Inventory 44 units at $53
10 Sale 36 units
15 Purchase 54 units at $55
20 Sale 31 units
24 Sale 9 units
30 Purchase 28 units at $57

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



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
Nov. 10
Nov. 15
Nov. 20
Nov. 24
Nov. 30
Nov. 30 Balances
0 0
Add a comment Improve this question Transcribed image text
Answer #1

Date Quantity Purchase Purchase Danity cost of good cost quo total Inventory old total cost despity Whit I Nov LONOV 36 53 19

Add a comment
Know the answer?
Add Answer to:
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows:...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows:...

    Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 75 units at $56 10 Sale 59 units 15 Purchase 99 units at $58 20 Sale 57 units 24 Sale 15 units 30 Purchase 32 units at $60 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...

  • Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows:...

    Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 72 units at $59 10 Sale 60 units 15 Purchase 92 units at $62 20 Sale 52 units 24 Sale 14 units 30 Purchase 27 units at $64 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...

  • Sale Purchase Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are...

    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...

  • Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows:...

    Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 46 units at $50 10 Sale 36 units 15 Purchase 24 units at $52 20 Sale 17 units 24 Sale 9 units 30 Purchase 23 units at $55 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the...

  • Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows:...

    Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 65 units at $70 10 Sale 48 units 15 Purchase 29 units at $73 20 Sale 22 units 24 Sale 15 units 30 Purchase 33 units at $77 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the...

  • Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows:...

    Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 35 units at $86 10 Sale 23 units 15 Purchase 43 units at $90 20 Sale 24 units 24 Sale 7 units 30 Purchase 24 units at $95 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...

  • Perpetual Inventory Using FIFO Beginning Inventory, purchases, and sales data for DVD players are as follows:...

    Perpetual Inventory Using FIFO Beginning Inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 40 units at $71 10 Sale 26 units 15 Purchase 22 units at $74 20 Sale 19 units 24 Sale 11 units 30 Purchase 39 units at $78 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the...

  • Beginning inventory, purchases, and sales data for DVD players are as follows: November Inventory 44 units...

    Beginning inventory, purchases, and sales data for DVD players are as follows: November Inventory 44 units at $53 10 Sale 36 units 15 Purchase 54 units at $55 20 Sale 31 units 24 Sale 9 units 30 Purchase 28 units at $57 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...

  • Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows:...

    Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 56 units at $68 Sale 42 units Purchase 26 units at $71 Sale 20 units 13 units Sale Purchase 25 units at $74 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated...

  • Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November...

    Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 50 units at $41 Inventory Sale 34 units Purchase 20 units at $43 23 units Sale Sale 9 units 30 Purchase 34 units at $45 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the data in the form...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT