Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 72 units @ $57 10 Sale 49 units 15 Purchase 88 units @ $60 20 Sale 50 units 24 Sale 15 units 30 Purchase 28 units @ $62 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.
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 72 units @ $57 10 Sale 49 units 15 Purchase 88 units @ $60 20 Sale 50 units 24 Sale 15 units 30 Purchase 28 units @ $62 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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![Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales data for portable game players are as follows:
Apr. 1
Inventory
72 units @ $57
10
Sale
49 units
15
Purchase
88 units @ $60
20
Sale
50 units
24
Sale
15 units
30
Purchase
28 units @ $62
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%2Fcf72a953-ef99-4dba-a981-2ef1d90e9c6e%2F267bce4e-c100-4f1d-9f3d-ee5bf71e5b54%2Fn8gej2p.png&w=3840&q=75)
Transcribed Image Text:Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales data for portable game players are as follows:
Apr. 1
Inventory
72 units @ $57
10
Sale
49 units
15
Purchase
88 units @ $60
20
Sale
50 units
24
Sale
15 units
30
Purchase
28 units @ $62
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%2Fcf72a953-ef99-4dba-a981-2ef1d90e9c6e%2F267bce4e-c100-4f1d-9f3d-ee5bf71e5b54%2F2ii1jq.png&w=3840&q=75)
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