Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 50 units @ $57 Inventory 10 Sale 33 units Purchase 60 units @ $59 34 units 15 Sale Sale 10 units 24 30 Purchase 32 units @ $61 The business maintains a perpetual inventory system, costing by the last-in, first-out 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 Portable Game Players Quantity Purchased Purchases Unit Cost Cost of Merchandise Sold Unit Cost Inventory Quantity Inventory Unit Cost Purchases Quantity Sold Cost of Merchandise Sold Inventory Total Cost Date Total Cost Total Cost Apr. 1 Apr. 10 Apг. 15 Apr. 20 Apr. 24 Apr. 30 Apr. 30 Balance
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 50 units @ $57 Inventory 10 Sale 33 units Purchase 60 units @ $59 34 units 15 Sale Sale 10 units 24 30 Purchase 32 units @ $61 The business maintains a perpetual inventory system, costing by the last-in, first-out 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 Portable Game Players Quantity Purchased Purchases Unit Cost Cost of Merchandise Sold Unit Cost Inventory Quantity Inventory Unit Cost Purchases Quantity Sold Cost of Merchandise Sold Inventory Total Cost Date Total Cost Total Cost Apr. 1 Apr. 10 Apг. 15 Apr. 20 Apr. 24 Apr. 30 Apr. 30 Balance
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales data for portable DVD players are as follows:
Apr. 1
50 units @ $57
Inventory
10
Sale
33 units
Purchase
60 units @ $59
34 units
15
Sale
Sale
10 units
24
30
Purchase
32 units @ $61
The business maintains a perpetual inventory system, costing by the last-in, first-out 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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7fa9f328-aa37-4da9-92ad-2790fa0216f1%2F07be14ee-7028-4515-a33f-7649fd913c27%2F6w8zlyg.png&w=3840&q=75)
Transcribed Image Text:Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales data for portable DVD players are as follows:
Apr. 1
50 units @ $57
Inventory
10
Sale
33 units
Purchase
60 units @ $59
34 units
15
Sale
Sale
10 units
24
30
Purchase
32 units @ $61
The business maintains a perpetual inventory system, costing by the last-in, first-out 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
Portable Game Players
Quantity
Purchased
Purchases
Unit Cost
Cost of Merchandise
Sold Unit Cost
Inventory
Quantity
Inventory
Unit Cost
Purchases
Quantity
Sold
Cost of Merchandise Sold
Inventory
Total Cost
Date
Total Cost
Total Cost
Apr.
1
Apr.
10
Apг.
15
Apr.
20
Apr.
24
Apr.
30
Apr.
30
Balance](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7fa9f328-aa37-4da9-92ad-2790fa0216f1%2F07be14ee-7028-4515-a33f-7649fd913c27%2F8tjz1j.png&w=3840&q=75)
Transcribed Image Text:Schedule of Cost of Merchandise Sold
LIFO Method
Portable Game Players
Quantity
Purchased
Purchases
Unit Cost
Cost of Merchandise
Sold Unit Cost
Inventory
Quantity
Inventory
Unit Cost
Purchases
Quantity
Sold
Cost of Merchandise Sold
Inventory
Total Cost
Date
Total Cost
Total Cost
Apr.
1
Apr.
10
Apг.
15
Apr.
20
Apr.
24
Apr.
30
Apr.
30
Balance
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