Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dec. 1 310 units at $88 Dec. 10 144 units at $90 Dec. 12 240 units Dec. 20 240 units at $96 Dec. 14 166 units Dec. 31 200 units a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of goods 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 Goods 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 prepaid cell phones for December are as follows: Inventory Purchases Sales Dec. 1 310 units at $88 Dec. 10 144 units at $90 Dec. 12 240 units Dec. 20 240 units at $96 Dec. 14 166 units Dec. 31 200 units a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of goods 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 Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.
Chapter1: Financial Statements And Business Decisions
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Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows:
| Inventory | Purchases | Sales | |||
| Dec. 1 | 310 units at $88 | Dec. 10 | 144 units at $90 | Dec. 12 | 240 units |
| Dec. 20 | 240 units at $96 | Dec. 14 | 166 units | ||
| Dec. 31 | 200 units |
a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of goods 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 Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.
| Schedule of Cost of Goods Sold | |||||||||
| LIFO Method | |||||||||
| Prepaid Cell Phones | |||||||||
Date |
Quantity Purchased |
Purchases Unit Cost |
Purchases Total Cost |
Quantity Sold |
Cost of Goods Sold Unit Cost |
Cost of Goods Sold Total Cost |
Inventory Quantity |
Inventory Unit Cost |
Inventory Total Cost |
| Dec. 1 | 310 | 88 | 27,280 | ||||||
| Dec. 10 | fill in the blank 31fbf3fad02307b_1 | fill in the blank 31fbf3fad02307b_2 | fill in the blank 31fbf3fad02307b_3 | fill in the blank 31fbf3fad02307b_4 | fill in the blank 31fbf3fad02307b_5 | fill in the blank 31fbf3fad02307b_6 | |||
| fill in the blank 31fbf3fad02307b_7 | fill in the blank 31fbf3fad02307b_8 | fill in the blank 31fbf3fad02307b_9 | |||||||
| Dec. 12 | fill in the blank 31fbf3fad02307b_10 | fill in the blank 31fbf3fad02307b_11 | fill in the blank 31fbf3fad02307b_12 | fill in the blank 31fbf3fad02307b_13 | fill in the blank 31fbf3fad02307b_14 | fill in the blank 31fbf3fad02307b_15 | |||
| fill in the blank 31fbf3fad02307b_16 | fill in the blank 31fbf3fad02307b_17 | fill in the blank 31fbf3fad02307b_18 | |||||||
| Dec. 14 | fill in the blank 31fbf3fad02307b_19 | fill in the blank 31fbf3fad02307b_20 | fill in the blank 31fbf3fad02307b_21 | fill in the blank 31fbf3fad02307b_22 | fill in the blank 31fbf3fad02307b_23 | fill in the blank 31fbf3fad02307b_24 | |||
| Dec. 20 | fill in the blank 31fbf3fad02307b_25 | fill in the blank 31fbf3fad02307b_26 | fill in the blank 31fbf3fad02307b_27 | fill in the blank 31fbf3fad02307b_28 | fill in the blank 31fbf3fad02307b_29 | fill in the blank 31fbf3fad02307b_30 | |||
| fill in the blank 31fbf3fad02307b_31 | fill in the blank 31fbf3fad02307b_32 | fill in the blank 31fbf3fad02307b_33 | |||||||
| Dec. 31 | fill in the blank 31fbf3fad02307b_34 | fill in the blank 31fbf3fad02307b_35 | fill in the blank 31fbf3fad02307b_36 | fill in the blank 31fbf3fad02307b_37 | fill in the blank 31fbf3fad02307b_38 | fill in the blank 31fbf3fad02307b_39 | |||
| fill in the blank 31fbf3fad02307b_40 | fill in the blank 31fbf3fad02307b_41 | fill in the blank 31fbf3fad02307b_42 | |||||||
| Dec. 31 | Balances | fill in the blank 31fbf3fad02307b_43 | fill in the blank 31fbf3fad02307b_44 |
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