Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 74 units @ $95 10 Sale 58 units 15 Purchase 96 units @ $99 20 Sale 54 units 24 Sale 15 units 30 Purchase 38 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 Cost column.
Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 74 units @ $95 10 Sale 58 units 15 Purchase 96 units @ $99 20 Sale 54 units 24 Sale 15 units 30 Purchase 38 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 Cost column.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
Beginning inventory, purchases, and sales data for portable DVD players are as follows:
| Apr. 1 | Inventory | 74 units @ $95 | |
| 10 | Sale | 58 units | |
| 15 | Purchase | 96 units @ $99 | |
| 20 | Sale | 54 units | |
| 24 | Sale | 15 units | |
| 30 | Purchase | 38 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 Cost column.
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