Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 52 units @ $66 10 Sale 40 units 15 Purchase 69 units @ $69 20 Sale 38 units 24 Sale 12 units 30 Purchase 36 units @ $72 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 Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Apr. 1 fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Apr. 10 fill in the blank 4 $fill in the blank 5 $fill in the blank 6 fill in the blank 7 fill in the blank 8 fill in the blank 9 Apr. 15 fill in the blank 10 $fill in the blank 11 $fill in the blank 12 fill in the blank 13 fill in the blank 14 fill in the blank 15 fill in the blank 16 fill in the blank 17 fill in the blank 18 Apr. 20 fill in the blank 19 fill in the blank 20 fill in the blank 21 fill in the blank 22 fill in the blank 23 fill in the blank 24 fill in the blank 25 fill in the blank 26 fill in the blank 27 Apr. 24 fill in the blank 28 fill in the blank 29 fill in the blank 30 fill in the blank 31 fill in the blank 32 fill in the blank 33 fill in the blank 34 fill in the blank 35 fill in the blank 36 Apr. 30 fill in the blank 37 fill in the blank 38 fill in the blank 39 fill in the blank 40 fill in the blank 41 fill in the blank 42 fill in the blank 43 fill in the blank 44 fill in the blank 45 fill in the blank 46 fill in the blank 47 fill in the blank 48 Apr. 30 Balance $fill in the blank 49 $fill in the blank 50

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 52 units @ $66 10 Sale 40 units 15 Purchase 69 units @ $69 20 Sale 38 units 24 Sale 12 units 30 Purchase 36 units @ $72 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 Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Apr. 1 fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Apr. 10 fill in the blank 4 $fill in the blank 5 $fill in the blank 6 fill in the blank 7 fill in the blank 8 fill in the blank 9 Apr. 15 fill in the blank 10 $fill in the blank 11 $fill in the blank 12 fill in the blank 13 fill in the blank 14 fill in the blank 15 fill in the blank 16 fill in the blank 17 fill in the blank 18 Apr. 20 fill in the blank 19 fill in the blank 20 fill in the blank 21 fill in the blank 22 fill in the blank 23 fill in the blank 24 fill in the blank 25 fill in the blank 26 fill in the blank 27 Apr. 24 fill in the blank 28 fill in the blank 29 fill in the blank 30 fill in the blank 31 fill in the blank 32 fill in the blank 33 fill in the blank 34 fill in the blank 35 fill in the blank 36 Apr. 30 fill in the blank 37 fill in the blank 38 fill in the blank 39 fill in the blank 40 fill in the blank 41 fill in the blank 42 fill in the blank 43 fill in the blank 44 fill in the blank 45 fill in the blank 46 fill in the blank 47 fill in the blank 48 Apr. 30 Balance $fill in the blank 49 $fill in the blank 50

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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Perpetual Inventory Using LIFO

Beginning inventory, purchases, and sales data for portable game players are as follows:

Apr. 1	Inventory	52 units @ $66
10	Sale	40 units
15	Purchase	69 units @ $69
20	Sale	38 units
24	Sale	12 units
30	Purchase	36 units @ $72

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
Date	Quantity Purchased	Purchases Unit Cost	Purchases Total Cost	Quantity Sold	Cost of Merchandise Sold Unit Cost	Cost of Merchandise Sold Total Cost	Inventory Quantity	Inventory Unit Cost	Inventory Total Cost
Apr. 1							fill in the blank 1	$fill in the blank 2	$fill in the blank 3
Apr. 10				fill in the blank 4	$fill in the blank 5	$fill in the blank 6	fill in the blank 7	fill in the blank 8	fill in the blank 9
Apr. 15	fill in the blank 10	$fill in the blank 11	$fill in the blank 12				fill in the blank 13	fill in the blank 14	fill in the blank 15
							fill in the blank 16	fill in the blank 17	fill in the blank 18
Apr. 20				fill in the blank 19	fill in the blank 20	fill in the blank 21	fill in the blank 22	fill in the blank 23	fill in the blank 24
							fill in the blank 25	fill in the blank 26	fill in the blank 27
Apr. 24				fill in the blank 28	fill in the blank 29	fill in the blank 30	fill in the blank 31	fill in the blank 32	fill in the blank 33
							fill in the blank 34	fill in the blank 35	fill in the blank 36
Apr. 30	fill in the blank 37	fill in the blank 38	fill in the blank 39				fill in the blank 40	fill in the blank 41	fill in the blank 42
							fill in the blank 43	fill in the blank 44	fill in the blank 45
							fill in the blank 46	fill in the blank 47	fill in the blank 48
Apr. 30	Balance					$fill in the blank 49			$fill in the blank 50

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