Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Dec. 1 1,600 units at $33 Purchases Dec. 10 800 units at $35 20 720 units at $37 Sales Dec. 12 1,120 units 14 960 units 31 480 units a. Assuming that the perpetual inventory system is used, costing by the LIFO 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. Schedule of Cost of Goods Sold LIFO Method Prepaid Cell Phones I Date Quantity Purchased Purchases Unit Cost Cost of Cost of Purchases Total Cost Quantity Goods Sold Goods Sold Inventory Sold Unit Cost Total Cost Quantity Inventory Inventory Unit Cost Total Cost 1,600 33 52,800 1,600 33 V $2,800 Dec. 1 Dec. 10 800 35 V 28,000

Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Dec. 1 1,600 units at $33 Purchases Dec. 10 800 units at $35 20 720 units at $37 Sales Dec. 12 1,120 units 14 960 units 31 480 units a. Assuming that the perpetual inventory system is used, costing by the LIFO 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. Schedule of Cost of Goods Sold LIFO Method Prepaid Cell Phones I Date Quantity Purchased Purchases Unit Cost Cost of Cost of Purchases Total Cost Quantity Goods Sold Goods Sold Inventory Sold Unit Cost Total Cost Quantity Inventory Inventory Unit Cost Total Cost 1,600 33 52,800 1,600 33 V $2,800 Dec. 1 Dec. 10 800 35 V 28,000

Name: Show Me HowBeginning inventory, purchases, and sales data for prepaid
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Description: Show Me HowBeginning inventory, purchases, and sales data for prepaid cell phones for December are as follows:InventoryDec. 1 1,600 units at $33PurchasesDec. 10 800 units at $3520 720 units at $37SalesDec. 12 1,120 units14 960 units31 480 unitsa. As

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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