Question

6) Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: 1-Apr Beginning Inventory 51 units $62 10-Apr Sale 34 units 15-Apr Purchase 61 units @ $65 20-Apr Sale 34 units 24-Apr Sale 10 units 30-Apr Purchase 22 units @ $68 The business maintains a perpetual Inventory system, costing by the lasteln. first-out method. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale Date 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 Total inventory 51 $ 62.00 $ 3,162.00 1-Apr 10-Apr 15-Apr C D 20-Apr 24-Apr 30-Apr O OO 30-Apr Balances Pages

Answer 1

Solution:

LIFO Method
DVD Players
Date	Purchases Quantity	Purchases Unit Cost	Purchases Total Cost	Cost of Goods Sold Quantity	Cost of Goods Sold Unit Cost	Cost of Goods Sold Total Cost	Inventory Quantity	Inventory Unit Cost	Inventory Total Cost
1-Apr							51	$62.00	$3,162.00
10-Apr				34	$62.00	$2,108.00	17	$62.00	$1,054.00
15-Apr	61	$65.00	$3,965.00				17	$62.00	$1,054.00
							61	$65.00	$3,965.00
20-Apr				34	$65.00	$2,210.00	17	$62.00	$1,054.00
							27	$65.00	$1,755.00
24-Apr				10	$65.00	$650.00	17	$62.00	$1,054.00
							17	$65.00	$1,105.00
30-Apr	22	$68.00	$1,496.00				17	$62.00	$1,054.00
							17	$65.00	$1,105.00
							22	$68.00	$1,496.00
30-Apr	Balances					$4,968.00	56		$3,655.00