3. EX.07.04.ALGO (Algorithmic) Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 69 units @ $93 10 Sale 52 units 15 Purchase 84 units @ $99 20 Sale 48 units 24 Sale 13 units 30 Purchase 37 units @ $103 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
3. EX.07.04.ALGO (Algorithmic) Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 69 units @ $93 10 Sale 52 units 15 Purchase 84 units @ $99 20 Sale 48 units 24 Sale 13 units 30 Purchase 37 units @ $103 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
Chapter1: Financial Statements And Business Decisions
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
Transcribed Image Text:# Perpetual Inventory Using LIFO
**Beginning inventory, purchases, and sales data for portable game players are as follows:**
- **April 1**
- Inventory: 69 units @ $93
- **April 10**
- Sale: 52 units
- **April 15**
- Purchase: 84 units @ $99
- **April 20**
- Sale: 48 units
- **April 24**
- Sale: 13 units
- **April 30**
- Purchase: 37 units @ $103
**The business maintains a perpetual inventory system, costing by the last-in, first-out method (LIFO).**
Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the format 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.

Transcribed Image Text:The image depicts a table layout designed for tracking inventory and sales data over the month of April. Below is a detailed transcription and explanation of the table components:
### Table Overview
The table is meant to track various aspects of inventory and sales, including purchases and sales of merchandise, and calculates costs and balances associated with these activities.
#### Table Columns
1. **Date**: Dates in April (e.g., Apr. 1, Apr. 10, Apr. 15, etc.)
2. **Quantity Purchased**: Number of items purchased.
3. **Purchases Unit Cost**: Cost per unit for the purchased items.
4. **Purchases Total Cost**: Total cost of purchases (calculated by multiplying Quantity Purchased by Purchases Unit Cost).
5. **Quantity Sold**: Number of items sold.
6. **Merchandise Sold Unit Cost**: Cost per unit for the items sold.
7. **Merchandise Sold Total Cost**: Total cost of merchandise sold (calculated by multiplying Quantity Sold by Merchandise Sold Unit Cost).
8. **Inventory Quantity**: Number of items remaining in inventory.
9. **Inventory Unit Cost**: Cost per unit remaining in inventory.
10. **Inventory Total Cost**: Total cost of remaining inventory (calculated by multiplying Inventory Quantity by Inventory Unit Cost).
#### Rows
- Dates listed include Apr. 1, Apr. 10, Apr. 15, Apr. 20, Apr. 24, and Apr. 30, indicating when transactions occurred.
- An additional row labeled "Apr. 30 Balance" appears to summarize or conclude inventory balances at the end of the month.
### Features
- **CengageNOWv2 Header**: The document is linked to CengageNOWv2, an online teaching and learning resource from Cengage Learning, indicating its educational purpose.
- **URL Reference**: A URL is present at the top, possibly indicating where the original assignment or data set can be accessed online.
This table would typically be used in an educational setting to teach accounting principles, particularly in tracking inventory and sales transactions over a specified period.
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