Perpetual inventory using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Date Units and Cost Dec. 1 310 units at $88 Purchases Date Units and Cost Dec. 10 144 units at $90 20 240 units at $96 Sales Date Units Dec. 12 240 units 14 166 units 31 200 units Question Content Area 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 Date Units and Cost Dec. 1 310 units at $88 Purchases Date Units and Cost Dec. 10 144 units at $90 20 240 units at $96 Sales Date Units Dec. 12 240 units 14 166 units 31 200 units Question Content Area 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
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Perpetual inventory using LIFO Beginning inventory, purchases, and sales data for prepaid cell
phones for December are as follows: Inventory Date Units and Cost Dec. 1 310 units at $88
Purchases Date Units and Cost Dec. 10 144 units at $90 20 240 units at $96 Sales Date Units Dec.
12 240 units 14 166 units 31 200 units Question Content Area 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.
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