Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 73 units @ $100 10 Sale 51 units 15 Purchase 96 units @ $105 20 Sale 54 units 24 Sale 13 units 30 Purchase 28 units @ $109 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 73 units @ $100 10 Sale 51 units 15 Purchase 96 units @ $105 20 Sale 54 units 24 Sale 13 units 30 Purchase 28 units @ $109 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 | 73 units @ $100 | |
| 10 | Sale | 51 units | |
| 15 | Purchase | 96 units @ $105 | |
| 20 | Sale | 54 units | |
| 24 | Sale | 13 units | |
| 30 | Purchase | 28 units @ $109 |
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.
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