Beginning inventory purchases, and sales data for DVD players are as follows: 48 units at $55 37 units 62 units at $58 35 units Nov. 1 Inventory 10 Sale 15 Purchase 20 Sale 30 Purchase 22 units at $60 The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of goods 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 Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 Nov. 24 Nov. 30 LIFO Method DVD Players Cost of Cost of Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Unit Cost Total Cost Inventory Inventory Purchased Unit Cost Total Cost Sold Unit Cost Total Cost Quantity Nov. 30 Balances 0 00 0 00 00000000000 ‒‒‒‒‒‒‒‒‒‒‒ ☐☐☐☐☐☐☐☐☐☐☐

Beginning inventory purchases, and sales data for DVD players are as follows: 48 units at $55 37 units 62 units at $58 35 units Nov. 1 Inventory 10 Sale 15 Purchase 20 Sale 30 Purchase 22 units at $60 The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of goods 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 Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 Nov. 24 Nov. 30 LIFO Method DVD Players Cost of Cost of Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Unit Cost Total Cost Inventory Inventory Purchased Unit Cost Total Cost Sold Unit Cost Total Cost Quantity Nov. 30 Balances 0 00 0 00 00000000000 ‒‒‒‒‒‒‒‒‒‒‒ ☐☐☐☐☐☐☐☐☐☐☐

Name: Perpetual inventory using LIFOBeginningNov. 1 Inventory10 Sale15 Purc
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Description: Perpetual inventory using LIFOBeginningNov. 1 Inventory10 Sale15 Purchase20 Sale35 units24 Sale9 units30 Purchase22 units at $60The business maintains a perpetual inventory system, costing by the last-in, first-out method.Determine the cost of goods

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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Can you please explain how to get the Cost of Goods Solds category using LIFO?
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