### Perpetual Inventory Account - LIFO Method for Portable Game PlayersThis table represents a perpetual inventory account using the Last-In, First-Out (LIFO) method for managing inventory, specifically for portable game players.#### Table Breakdown:- **Headers**: - **Date**: Dates relevant to transactions - **Quantity Purchased**: Number of units bought on each date - **Purchases Unit Cost**: Cost per unit for the purchase - **Purchases Total Cost**: Total cost for the quantity purchased - **Quantity Sold**: Number of units sold - **Cost of Merchandise Sold Unit Cost**: Cost per unit of sold merchandise - **Cost of Merchandise Sold Total Cost**: Total cost for the merchandise sold - **Inventory Quantity**: Remaining units in inventory - **Inventory Unit Cost**: Unit cost of remaining inventory - **Inventory Total Cost**: Total cost of remaining inventory- **Entries**: - **April 1**: - Inventory starts with 80 units at a unit cost of $74. - Inventory Total Cost: $5,920 - **April 10**: - Sold 54 units at a cost of $74 per unit. - Cost of Sold Merchandise: $39 (mistake in transcription, should match unit cost, possibly a calculation section). - **April 15**: - Purchased 104 units with a unit cost of $77. - Total Purchase Cost: $8,008- **April 20, April 24, April 30**: - Further transactions (sales and purchases) would be recorded in these sections, currently unfilled.- **Balance on April 30**: - Final balance needs to be calculated from the entries above for inventory total cost.### Diagram Explanation:The table shows inventory management using the LIFO accounting method. With LIFO, the most recently acquired items are treated as the first to be sold. This document is useful for accountants and business students who want to understand how inventory costs are calculated and managed over a period using the LIFO method. The use of LIFO affects the cost of goods sold and ending inventory, impacting the financial statements. **Perpetual Inventory Using LIFO**Beginning inventory, purchases, and sales data for portable game players are as follows:- **Apr. 1**: Inventory - 80 units @ $74- **Apr. 10**: Sale - 54 units- **Apr. 15**: Purchase - 104 units @ $77- **Apr. 20**: Sale - 60 units- **Apr. 24**: Sale - 15 units- **Apr. 30**: Purchase - 32 units @ $80This data is used to illustrate the Last-In, First-Out (LIFO) inventory method, where the most recently acquired items are considered sold first in accounting for inventory and making sales.

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Description: ### Perpetual Inventory Account - LIFO Method for Portable Game PlayersThis table represents a perpetual inventory account using the Last-In, First-Out (LIFO) method for managing inventory, specifically for portable game players.#### Table Breakdown

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

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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12 The following information is provided for the sales of. 2021 merchandise item in al of Jan the first purchased Sold 700 units. Jan I Rep Purchased 900 units 610 600g Dan 3 purchased Can y sold 1000 units Jan 5 Sold 50 units. and Gana 400 units & la 12 Record in the prepetual invertory sheet for the above transaction clearly show the inventory balance users fifo method of pricing merchandise issuance TTTTTTANOO
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Apr. 3 Inventory 12 units @ $45 11 Purchase 13 units @ $47 14 Sale 18 units 21 Purchase 9 units @ $60 25 Sale 10 units Complete the subsidiary inventory ledger assuming the business maintains a perpetual inventory system and calculate the cost of merchandise sold and ending inventory using FIFO. Purchases Cost ofMerchandise Sold Inventory Date Qty Unit Cost Total Cost Qty Unit Cost Total Cost Qty Unit Cost Total Cost Apr. 3 $ $ 11 $ $ $ $ $ $ 14 $ $ $ $ $ $ 21 $ $ $ $ $ $ 25 $ $ $ $ $ $ Total cost of Merchandise sold $ Ending inventory value $ Previous
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Perpetual inventory using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows: 64 units at $70 49 units 83 units at $74 47 units Nov. 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 30 Purchase The business maintains a perpetual inventory system, costing by the last-in, first-out 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. 13 units 37 units at $77 LIFO Method
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