Perpetual Inventory Using LIFOBeginningInventoryMay 1May 12inventory, purchases, and sales data for prepaid cell phones for May are as follows:SalesPurchasesMay 10May 14May 203,600 units at $34May 31QuantityDate Purchased Unit Cost Total CostMay 1May 1020Ua. 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 theHIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.May 31 Balances1,800 units at $361,620 units at $38Schedule of Cost of Merchandise SoldLIFO MethodPrepaid Cell PhonesPurchases Purchases QuantitySold000 0May 12Cost ofMerchandiseSoldUnit Cost14312,520 units2,160 units1,080 unitsCost ofMerchandiseSoldTotal CostInventory Inventory InventoryQuantityUnit Cost Total Cost000000000☐ ☐☐☐Qb. Based upon the preceding data, would you expect the inventory to be higher or lower using the first-in, first-out method?

LIFO is the last in first out method. As per this, the goods bought at last are to be sold at first.…

May 12 8% Date Purchase May 100 May 20 May 31 purchases, and sales May 31 Balances Unit Cost Total Cos Purchases 0 1 prepaid cell phones for May are as follows: OO mn and LOWER unit of Cost of Merchandise Sold Prepaid Cell Phones Cost of Cost of Merchandis 000 00 2.520 units ▬▬▬▬▬!! ▬▬▬▬▬▬

May 12 8% Date Purchase May 100 May 20 May 31 purchases, and sales May 31 Balances Unit Cost Total Cos Purchases 0 1 prepaid cell phones for May are as follows: OO mn and LOWER unit of Cost of Merchandise Sold Prepaid Cell Phones Cost of Cost of Merchandis 000 00 2.520 units ▬▬▬▬▬!! ▬▬▬▬▬▬

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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