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Perpetual Inventory Using LIFO The following units of a particular item were available for sale during...

Perpetual Inventory Using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $20 Apr. 19 Sale 2,500 units June 30 Purchase 6,000 units at $24 Sept. 2 Sale 4,500 units Nov. 15 Purchase 1,000 units at $25 The firm maintains a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column.

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Solution: Perpetual LIFO: Purchases Cost of Goods Sold Ending Invento Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Balance Jan.01 Apr.19 un.30 4000 $ 20.00$ 80,000 1500 20.00 $ 30,000 1500 20.00 $ 30,000 144000 4500 $ 24.00108000100 20.00 30,000 1500 24.00$36,000 1500 20.00 $ 30,000 1500 $ 24.00 36,000 1000 25.00 $ 25,000 $ 91,000 2500 $ 20.00 $ 50,000 6000 $ 24.00 144000 6000 $ 24.00 Sep.02 Nov.15 1000 25.00$ 25,000 Dec.31Balance 158000

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