# 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. 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 OverviewThe 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 Columns1. **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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Description: # 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

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Business

Accounting

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required Information [The following information applies to the questions displayed below] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March S March 9 March 18 March 25 March 29 Gross Margin Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Sales Less: Cost of goods sold Gross profit 69 60 FIFO LIFO Units Acquired at Cost 27.312 S 27.312 17.037 17.817 x 10,275 $ 9.495 S 60 units 265 units 65 units 110 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include units from beginning inventory, 175 units from the March 5 purchase, 25 units from the March 18 purchase, and 65 units from the M 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. 440 units Weighted Average @ $50.20 per unit @$55.20 per unit 17.291 10,021 @ $60.20 per…
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Beginning inventory, purchases, and sales data for tennis rackets are as follows
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