Perpetual Inventory Using LIFOBeginning inventory, purchases, and sales data for portable game players are as follows:Apr. 1 Inventory120 units at $2610 Sale90 units15 Purchase140 units at $2820 Sale110 units24 Sale40 units30 Purchase160 units at $30The business maintains a perpetual inventory system, costing by the last-in, first-out method.Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.Schedule of Cost of Merchandise SoldLIFO MethodPortable Game PlayersDateQuantity PurchasedPurchases Unit CostPurchases Total CostQuantity SoldCost of Merchandise Sold Unit CostCost of Merchandise Sold Total CostInventory QuantityInventory Unit CostInventory Total CostApr. 1 fill in the blank 1$fill in the blank 2$fill in the blank 3Apr. 10 fill in the blank 4$fill in the blank 5$fill in the blank 6fill in the blank 7fill in the blank 8fill in the blank 9Apr. 15fill in the blank 10$fill in the blank 11$fill in the blank 12 fill in the blank 13fill in the blank 14fill in the blank 15 fill in the blank 16fill in the blank 17fill in the blank 18Apr. 20 fill in the blank 19fill in the blank 20fill in the blank 21fill in the blank 22fill in the blank 23fill in the blank 24 fill in the blank 25fill in the blank 26fill in the blank 27Apr. 24 fill in the blank 28fill in the blank 29fill in the blank 30fill in the blank 31fill in the blank 32fill in the blank 33 fill in the blank 34fill in the blank 35fill in the blank 36 Apr. 30fill in the blank 37fill in the blank 38fill in the blank 39 fill in the blank 40fill in the blank 41fill in the blank 42 fill in the blank 43fill in the blank 44fill in the blank 45 Apr. 30Balances $fill in the blank 46 $fill in the blank 47

Name: Perpetual Inventory Using LIFOBeginning inventory, purchases, and sale
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Description: Perpetual Inventory Using LIFOBeginning inventory, purchases, and sales data for portable game players are as follows:Apr. 1 Inventory120 units at $2610 Sale90 units15 Purchase140 units at $2820 Sale110 units24 Sale40 units30 Purchase160 units at $30

Answered: Beginning inventory, purchases, and…

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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Perpetual Inventory Using LIFO

Beginning inventory, purchases, and sales data for portable game players are as follows:

Apr. 1	Inventory	120 units at $26
10	Sale	90 units
15	Purchase	140 units at $28
20	Sale	110 units
24	Sale	40 units
30	Purchase	160 units at $30

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.

Schedule of Cost of Merchandise Sold
LIFO Method
Portable Game Players
Date	Quantity Purchased	Purchases Unit Cost	Purchases Total Cost	Quantity Sold	Cost of Merchandise Sold Unit Cost	Cost of Merchandise Sold Total Cost	Inventory Quantity	Inventory Unit Cost	Inventory Total Cost
Apr. 1							fill in the blank 1	$fill in the blank 2	$fill in the blank 3
Apr. 10				fill in the blank 4	$fill in the blank 5	$fill in the blank 6	fill in the blank 7	fill in the blank 8	fill in the blank 9
Apr. 15	fill in the blank 10	$fill in the blank 11	$fill in the blank 12				fill in the blank 13	fill in the blank 14	fill in the blank 15
							fill in the blank 16	fill in the blank 17	fill in the blank 18
Apr. 20				fill in the blank 19	fill in the blank 20	fill in the blank 21	fill in the blank 22	fill in the blank 23	fill in the blank 24
							fill in the blank 25	fill in the blank 26	fill in the blank 27
Apr. 24				fill in the blank 28	fill in the blank 29	fill in the blank 30	fill in the blank 31	fill in the blank 32	fill in the blank 33
				fill in the blank 34	fill in the blank 35	fill in the blank 36
Apr. 30	fill in the blank 37	fill in the blank 38	fill in the blank 39				fill in the blank 40	fill in the blank 41	fill in the blank 42
							fill in the blank 43	fill in the blank 44	fill in the blank 45

Apr. 30	Balances					$fill in the blank 46			$fill in the blank 47

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Under the LIFO method, Purchases made at last are sold first.

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