units with the HIGHER Unit cost firstQuantityDate PurchasedApr. 1Apr. 10Apr. 15Apr. 20Apr. 24Apr. 301047Apr. 30 BalancePurchases Purchases QuantityUnit Cost Total Cost Sold77Perpetual Inventory AccountLIFO MethodPortable Game Players800854Cost ofCost ofMerchandise MerchandiseSoldSoldUnit CostTotal Cost7400$39Inventory Inventory InventoryQuantity Unit Cost Total Cost80747474115,920 Perpetual Inventory Using LIFOBeginning inventory, purchases, and sales data for portable game players are as follows:Apr. 11015202430InventorySalePurchaseSaleSalePurchase80 units@ $7454 units104 units@ $7760 units15 units32 units@ $80

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Description: units with the HIGHER Unit cost firstQuantityDate PurchasedApr. 1Apr. 10Apr. 15Apr. 20Apr. 24Apr. 301047Apr. 30 BalancePurchases Purchases QuantityUnit Cost Total Cost Sold77Perpetual Inventory AccountLIFO MethodPortable Game Players800854Cost ofCos

Lets understand the basics. There are two inventory systems are followed by the entities which are,…

Business

Accounting

Date Apr. 1 Apr. 10 Apr. 15 Apr. 20 Apr. 24 Apr. 30 Quantity Purchased 104 Apr. 30 Balance Purchases Purchases Unit Cost Total Cost 77 8008 Perpetual Inventory Account LIFO Method Portable Game Players Quantity Sold 54 Cost of Cost of Merchandise Merchandise Sold Sold Unit Cost Total Cost 74 39 0 Inventory Inventory Inventory Quantity Unit Cost Total Cost 80 74 74 74 WEISH 5,920 100

Date Apr. 1 Apr. 10 Apr. 15 Apr. 20 Apr. 24 Apr. 30 Quantity Purchased 104 Apr. 30 Balance Purchases Purchases Unit Cost Total Cost 77 8008 Perpetual Inventory Account LIFO Method Portable Game Players Quantity Sold 54 Cost of Cost of Merchandise Merchandise Sold Sold Unit Cost Total Cost 74 39 0 Inventory Inventory Inventory Quantity Unit Cost Total Cost 80 74 74 74 WEISH 5,920 100

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 3.7C

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