Question

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 70 units @ $84 46 units 10 15 Sale Purchase 89 units @ $87 20 Sale 52 units Sale 14 units 30 Purchase 37 units @ $92 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 Unit Purchases Total Quantity Cost of Merchandise Sold Cost of Merchandise Sold Inventory Inventory Unit Inventory Total Cost Cost Sold Total Cost Quantity Cost Date Purchased Apr. 1 Apr. Apr. 15 Publ1111111 P000000000000 Apr. Balance 30

Answer 1

Schedule of cost of merchandise sold LIFO Method Portable Game Player Goods Purchsed Cost of Merchandise sold units Unit Cost Total Cost units Unit Cost Total Cost Date Apr-01 Apr-10 Apr-15 Ending Inventory units Unit Cost Total Cost 70 84 5880 24 84 2016 24 84 2016) 46 84 3864 89 87 7 743 7743 Apr-20 52 87 4524 | 37 87 Apr-24 1487 1218 2016 3219 2016 2001 2016 2001 3404 7421 Apr-30 37 92 3404 | | 24 23 84 87 Apr-30 Balances 9606