Mail - Edjouline X Bb Content - ACG2 X CengageNOWv. x (58) YouTube from Towards a + x owerPoint genow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=assignments&takeAssignmentSessionLocator=Dassignment-take&inpro.. Q < Maps eBook Show Me How Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 120 units at $26 Sale 90 units 15 Purchase 140 units at $28 Sale 110 units 24 Sale 40 units Purchase 160 units at $30 The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cos 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 Cost of Cost of Quantity Purchases Purchases Quantity Inventory Inventory Inventory Date Merchandise Sold Merchandise Sold Purchased Unit Cost Total Cost Quantity Unit Cost Total Cost Pjos Unit Cost Total Cost Apr. 26 3,120 V 1. 24 Apr. $2,340 A 06 A08 Anr Check My Work Previous Next 31 V O 10:48 E回 0.
Mail - Edjouline X Bb Content - ACG2 X CengageNOWv. x (58) YouTube from Towards a + x owerPoint genow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=assignments&takeAssignmentSessionLocator=Dassignment-take&inpro.. Q < Maps eBook Show Me How Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 120 units at $26 Sale 90 units 15 Purchase 140 units at $28 Sale 110 units 24 Sale 40 units Purchase 160 units at $30 The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cos 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 Cost of Cost of Quantity Purchases Purchases Quantity Inventory Inventory Inventory Date Merchandise Sold Merchandise Sold Purchased Unit Cost Total Cost Quantity Unit Cost Total Cost Pjos Unit Cost Total Cost Apr. 26 3,120 V 1. 24 Apr. $2,340 A 06 A08 Anr Check My Work Previous Next 31 V O 10:48 E回 0.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Mail - Edjouline X
Bb Content - ACG2 X
CengageNOWv. x
(58) YouTube
from Towards a
+ x
owerPoint
genow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=assignments&takeAssignmentSessionLocator=Dassignment-take&inpro.. Q <
Maps
eBook
Show Me How
Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales data for portable game players are as follows:
Apr. 1
Inventory
120 units at $26
Sale
90 units
15
Purchase
140 units at $28
Sale
110 units
24
Sale
40 units
Purchase
160 units at $30
The business maintains a perpetual inventory system, costing by the last-in, first-out method.
Determine the cos
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
Cost of
Cost of
Quantity
Purchases
Purchases
Quantity
Inventory
Inventory
Inventory
Date
Merchandise Sold
Merchandise Sold
Purchased
Unit Cost
Total Cost
Quantity
Unit Cost
Total Cost
Pjos
Unit Cost
Total Cost
Apr.
26
3,120 V
1.
24
Apr.
$2,340
A 06
A08
Anr
Check My Work
Previous
Next
31
V O 10:48
E回
0.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education