Perpetual inventory using LIFO Beginning inventory, purchases, Nov. 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 30 Purchase The business maintains a perpetual inventory system, costing by the last-in, first-out 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. Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 Nov. 24 Nov. 30 and sales data for DVD players are as follows: 69 units at $46 51 units 83 units at $48 46 units 12 units 29 units at $50 Cost of Cost of Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Unit Cost Total Cost Inventory Inventory Sold Unit Cost Total Cost Quantity Purchased Unit Cost Total Cost Nov. 30 Balances LIFO Method DVD Players 0 0 0 0 00 00 0 00000000000 00000000
Perpetual inventory using LIFO Beginning inventory, purchases, Nov. 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 30 Purchase The business maintains a perpetual inventory system, costing by the last-in, first-out 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. Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 Nov. 24 Nov. 30 and sales data for DVD players are as follows: 69 units at $46 51 units 83 units at $48 46 units 12 units 29 units at $50 Cost of Cost of Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Unit Cost Total Cost Inventory Inventory Sold Unit Cost Total Cost Quantity Purchased Unit Cost Total Cost Nov. 30 Balances LIFO Method DVD Players 0 0 0 0 00 00 0 00000000000 00000000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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