Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 3,100 units at $37 May 10 1,550 units at $39 May 12 2,170 units 20 1,395 units at $41 14 1,860 units 31 930 units a. Assuming that the perpetual inventory system is used, costing by the LIFO 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 Prepaid Cell Phones Cost of Cost of Merchandise Merchandise Purchases Purchases Quantity Unit Cost Sold Sold Inventory Inventory Inventory Quantity Total Cost Unit Cost Total Cost Sold Quantity Unit Cost Total Cost Date Purchased May 1 May 10 88 May 12 88 May 14 May 20

Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 3,100 units at $37 May 10 1,550 units at $39 May 12 2,170 units 20 1,395 units at $41 14 1,860 units 31 930 units a. Assuming that the perpetual inventory system is used, costing by the LIFO 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 Prepaid Cell Phones Cost of Cost of Merchandise Merchandise Purchases Purchases Quantity Unit Cost Sold Sold Inventory Inventory Inventory Quantity Total Cost Unit Cost Total Cost Sold Quantity Unit Cost Total Cost Date Purchased May 1 May 10 88 May 12 88 May 14 May 20

Name: Beginning inventory, purchases, and sales data for prepaid cell phone
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Description: Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows:InventoryPurchasesSalesMay 13,100 units at $37May 101,550 units at $39May 122,170 units201,395 units at $41141,860 units31930 unitsa. Assuming that the per

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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