Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 71 units at $55 10 Sale 58 units 15 Purchase 85 units at $58 20 Sale 47 units 24 Sale 14 units 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 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 Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LIFO Method DVD Players Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Nov. 1 $ $ Nov. 10 $ $ Nov. 15 $ $ Nov. 20 Nov. 24 Nov. 30 Nov. 30 Balances $ $ Check My Work
Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 71 units at $55 10 Sale 58 units 15 Purchase 85 units at $58 20 Sale 47 units 24 Sale 14 units 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 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 Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LIFO Method DVD Players Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Nov. 1 $ $ Nov. 10 $ $ Nov. 15 $ $ Nov. 20 Nov. 24 Nov. 30 Nov. 30 Balances $ $ Check My Work
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
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Beginning inventory, purchases, and sales data for DVD players are as follows:
November 1 Inventory 71 units at $55 10 Sale 58 units 15 Purchase 85 units at $58 20 Sale 47 units 24 Sale 14 units 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 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 Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.
Schedule of Cost of Goods Sold LIFO Method DVD Players Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Nov. 1 $ $ Nov. 10 $ $ Nov. 15 $ $ Nov. 20 Nov. 24 Nov. 30 Nov. 30 Balances $ $
Check My Work
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