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Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: 69 units @ $72 54 units 89 units @ $75 51 units Apr. 11 10 15 20 24 30 Inventory Sale Purchase Sale Sale Purchase 14 units 28 units @ $78 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 nit enet firet in the Inventory Unit Cost rolumn

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: 69 units @ $72 54 units 89 units @ $75 51 units Apr. 11 10 15 20 24 30 Inventory Sale Purchase Sale Sale Purchase 14 units 28 units @ $78 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 nit enet firet in the Inventory Unit Cost rolumn

FINANCIAL ACCOUNTING
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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Quantity Date Purchased Apr. 1 Apr. 10 Apr. 15 Apr. 20 Apr. 24 Apr. 30 Apr. 30 Balance: LIFO Method Portable Game Players Purchases Purchases Quantity Unit Cost Total Cost Sold Cost of Cost of Merchandise Merchandise Sold Sold Total Cost Unit Cost 10 0 0 Inventory Inventory Inventory Quantity Unit Cost Total Cost
Transcribed Image Text:Quantity Date Purchased Apr. 1 Apr. 10 Apr. 15 Apr. 20 Apr. 24 Apr. 30 Apr. 30 Balance: LIFO Method Portable Game Players Purchases Purchases Quantity Unit Cost Total Cost Sold Cost of Cost of Merchandise Merchandise Sold Sold Total Cost Unit Cost 10 0 0 Inventory Inventory Inventory Quantity Unit Cost Total Cost
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: 69 units @ $72 54 units 89 units @ $75 Apr. 1 10 15 20 24 Inventory Sale 30 Purchase Sale 14 units 28 units @ $78 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 cort first in the Inventon: Unit Cost column: Sale 51 units Purchase
Transcribed Image Text:Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: 69 units @ $72 54 units 89 units @ $75 Apr. 1 10 15 20 24 Inventory Sale 30 Purchase Sale 14 units 28 units @ $78 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 cort first in the Inventon: Unit Cost column: Sale 51 units Purchase
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