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 1,400 units at $30 Purchases Date Units and Cost Dec. 10 700 units at $32 20 630 units at $34 Sales Date Units Dec. 12 980 units 14 840 units 31 420 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. Schedule of Cost of Goods SoldLIFO MethodPrepaid Cell Phones Date QuantityPurchased PurchasesUnit Cost PurchasesTotal Cost QuantitySold Cost ofGoods SoldUnit Cost Cost ofGoods SoldTotal Cost InventoryQuantity InventoryUnit Cost InventoryTotal Cost Dec. 1 Dec. 1 Dec. 1 Dec. 1 Dec. 10 Dec. 10 Dec. 10 Dec. 10 Dec. 10 Dec. 10 Dec. 10 fill in the blank 254ec1fb8f85fbb_10 fill in the blank 254ec1fb8f85fbb_11 fill in the blank 254ec1fb8f85fbb_12 Dec. 12 Dec. 12 Dec. 12 Dec. 12 Dec. 12 Dec. 12 Dec. 12 fill in the blank 254ec1fb8f85fbb_19 fill in the blank 254ec1fb8f85fbb_20 fill in the blank 254ec1fb8f85fbb_21 Dec. 14 Dec. 14 Dec. 14 Dec. 14 Dec. 14 Dec. 14 Dec. 14 Dec. 20 Dec. 20 Dec. 20 Dec. 20 Dec. 20 Dec. 20 Dec. 20 fill in the blank 254ec1fb8f85fbb_34 fill in the blank 254ec1fb8f85fbb_35 fill in the blank 254ec1fb8f85fbb_36 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 fill in the blank 254ec1fb8f85fbb_43 fill in the blank 254ec1fb8f85fbb_44 fill in the blank 254ec1fb8f85fbb_45 Dec. 31 Balances Dec. 31 Dec. 31

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 1,400 units at $30 Purchases Date Units and Cost Dec. 10 700 units at $32 20 630 units at $34 Sales Date Units Dec. 12 980 units 14 840 units 31 420 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. Schedule of Cost of Goods SoldLIFO MethodPrepaid Cell Phones Date QuantityPurchased PurchasesUnit Cost PurchasesTotal Cost QuantitySold Cost ofGoods SoldUnit Cost Cost ofGoods SoldTotal Cost InventoryQuantity InventoryUnit Cost InventoryTotal Cost Dec. 1 Dec. 1 Dec. 1 Dec. 1 Dec. 10 Dec. 10 Dec. 10 Dec. 10 Dec. 10 Dec. 10 Dec. 10 fill in the blank 254ec1fb8f85fbb_10 fill in the blank 254ec1fb8f85fbb_11 fill in the blank 254ec1fb8f85fbb_12 Dec. 12 Dec. 12 Dec. 12 Dec. 12 Dec. 12 Dec. 12 Dec. 12 fill in the blank 254ec1fb8f85fbb_19 fill in the blank 254ec1fb8f85fbb_20 fill in the blank 254ec1fb8f85fbb_21 Dec. 14 Dec. 14 Dec. 14 Dec. 14 Dec. 14 Dec. 14 Dec. 14 Dec. 20 Dec. 20 Dec. 20 Dec. 20 Dec. 20 Dec. 20 Dec. 20 fill in the blank 254ec1fb8f85fbb_34 fill in the blank 254ec1fb8f85fbb_35 fill in the blank 254ec1fb8f85fbb_36 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 fill in the blank 254ec1fb8f85fbb_43 fill in the blank 254ec1fb8f85fbb_44 fill in the blank 254ec1fb8f85fbb_45 Dec. 31 Balances Dec. 31 Dec. 31

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Date	Units and Cost
Dec. 1	1,400 units at $30

Date	Units and Cost
Dec. 10	700 units at $32
20	630 units at $34

Date	Units
Dec. 12	980 units
14	840 units
31	420 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.

Schedule of Cost of Goods SoldLIFO MethodPrepaid 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							Dec. 1	Dec. 1	Dec. 1
Dec. 10	Dec. 10	Dec. 10	Dec. 10				Dec. 10	Dec. 10	Dec. 10
							fill in the blank 254ec1fb8f85fbb_10	fill in the blank 254ec1fb8f85fbb_11	fill in the blank 254ec1fb8f85fbb_12
Dec. 12				Dec. 12	Dec. 12	Dec. 12	Dec. 12	Dec. 12	Dec. 12
				fill in the blank 254ec1fb8f85fbb_19	fill in the blank 254ec1fb8f85fbb_20	fill in the blank 254ec1fb8f85fbb_21
Dec. 14				Dec. 14	Dec. 14	Dec. 14	Dec. 14	Dec. 14	Dec. 14
Dec. 20	Dec. 20	Dec. 20	Dec. 20				Dec. 20	Dec. 20	Dec. 20
							fill in the blank 254ec1fb8f85fbb_34	fill in the blank 254ec1fb8f85fbb_35	fill in the blank 254ec1fb8f85fbb_36
Dec. 31				Dec. 31	Dec. 31	Dec. 31	Dec. 31	Dec. 31	Dec. 31
							fill in the blank 254ec1fb8f85fbb_43	fill in the blank 254ec1fb8f85fbb_44	fill in the blank 254ec1fb8f85fbb_45
Dec. 31	Balances					Dec. 31			Dec. 31

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