Perpetual inventory using LIFOBeginning inventory, purchases, and sales data for DVD players are as follows:65 units at $4250 units79 units at $44Nov. 1 Inventory10 Sale15 Purchase20 Sale24 Sale30 Purchase45 units11 units31 units at $46The 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 inventoryat 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.DateNov. 1Nov. 10Nov. 15LIFO MethodDVD PlayersCost ofCost ofQuantity Purchases Purchases Quantity Goods Sold Goods Sold InventoryPurchased Unit Cost Total Cost Sold Unit Cost Total Cost QuantityCheck My Work10 XInventory InventoryUnit Cost Total CostEmail InstructorSave and ExitPreviousSubmit Assignment for Grading DateNov. 1Nov. 10Nov. 15Nov. 20Nov. 24Nov. 30Purchased Unit Cost Total Cost Sold Unit Cost Total Cost QuantityNov. 30 BalancesFeedback10 XCheck My WorkUnit Cost Total Cost✓ Check My WorkNote that this exercise uses the perpetual inventory system. When the perpetual inventory system is used, revenue is recorded each time a sale is made along with an entryto record the cost of the goods sold. LIFO means the last units purchased are assumed to be the first to be sold. Therefore after each sale, the remaining or endinginventory is made up of the first purchases. Think of your inventory in terms of "layers." In other words, how many units remained after each sale?Email InstructorSave and ExitPrevious4Submit Assignment for Grading

Name: Perpetual inventory using LIFOBeginning inventory, purchases, and sal
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Description: Perpetual inventory using LIFOBeginning inventory, purchases, and sales data for DVD players are as follows:65 units at $4250 units79 units at $44Nov. 1 Inventory10 Sale15 Purchase20 Sale24 Sale30 Purchase45 units11 units31 units at $46The business

Under the LIFO method, the newest products in inventory have been sold first.

Business

Accounting

Beginning inventory, purchases, and sales data for DVD players are as follows: 65 units at $42 50 units Nov. 1 Inventory 10 Sale Date Nov. 1 15 Purchase 20 Sale 24 Sale 30 Purchase 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. Nov. 10 Nov. 15 79 units at $44 45 units 11 units 31 units at $46 LIFO Method DVD Players Quantity Purchases Purchases Quantity Purchased Unit Cost Total Cost Sold Cost of Cost of Goods Sold Goods Sold Inventory Unit Cost Total Cost Quantity 10 X Unit Cost Total Cost Inventory Inventory

Beginning inventory, purchases, and sales data for DVD players are as follows: 65 units at $42 50 units Nov. 1 Inventory 10 Sale Date Nov. 1 15 Purchase 20 Sale 24 Sale 30 Purchase 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. Nov. 10 Nov. 15 79 units at $44 45 units 11 units 31 units at $46 LIFO Method DVD Players Quantity Purchases Purchases Quantity Purchased Unit Cost Total Cost Sold Cost of Cost of Goods Sold Goods Sold Inventory Unit Cost Total Cost Quantity 10 X Unit Cost Total Cost Inventory Inventory

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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