Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data fo
ID: 2433388 • Letter: P
Question
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 79 units @ $48 10 Sale 53 units 15 Purchase 106 units @ $50 20 Sale 59 units 24 Sale 18 units 30 Purchase 28 units @ $53 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. Schedule of Cost of Merchandise Sold LIFO Method Portable Game Players Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Apr. 1 $ $ Apr. 10 $ $ Apr. 15 $ $ Apr. 20 Apr. 24 Apr. 30 Apr. 30 Balance $ $
Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales data for portable DVD players are as follows:
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.
Apr. 1 Inventory 79 units @ $48 10 Sale 53 units 15 Purchase 106 units @ $50 20 Sale 59 units 24 Sale 18 units 30 Purchase 28 units @ $53Explanation / Answer
Answers
Schedule of Cost of Merchandise Sold
LIFO Method
Portable Game Players
Date
Quantity Purchased
Purchases Unit Cost
Purchases Total Cost
Quantity Sold
Cost of Merchandise Sold Unit Cost
Cost of Merchandise Sold Total Cost
Inventory Quantity
Inventory Unit Cost
Inventory Total Cost
Apr. 1
79
$ 48.00
$ 3,792.00
Apr. 10
53
$ 48.00
$ 2,544.00
26
$ 48.00
$ 1,248.00
Apr. 15
106
$ 50.00
$ 5,300.00
26
$ 48.00
$ 1,248.00
106
$ 50.00
$ 5,300.00
Apr. 20
59
$ 50.00
$ 2,950.00
26
$ 48.00
$ 1,248.00
47
$ 50.00
$ 2,350.00
Apr. 24
18
$ 50.00
$ 900.00
26
$ 48.00
$ 1,248.00
29
$ 50.00
$ 1,450.00
Apr. 30
28
$ 53.00
$ 1,484.00
26
$ 48.00
$ 1,248.00
29
$ 50.00
$ 1,450.00
28
$ 53.00
$ 1,484.00
Apr. 30
Balance
$ 6,784.00
$ 6,394.00
83
$ 4,182.00
Schedule of Cost of Merchandise Sold
LIFO Method
Portable Game Players
Date
Quantity Purchased
Purchases Unit Cost
Purchases Total Cost
Quantity Sold
Cost of Merchandise Sold Unit Cost
Cost of Merchandise Sold Total Cost
Inventory Quantity
Inventory Unit Cost
Inventory Total Cost
Apr. 1
79
$ 48.00
$ 3,792.00
Apr. 10
53
$ 48.00
$ 2,544.00
26
$ 48.00
$ 1,248.00
Apr. 15
106
$ 50.00
$ 5,300.00
26
$ 48.00
$ 1,248.00
106
$ 50.00
$ 5,300.00
Apr. 20
59
$ 50.00
$ 2,950.00
26
$ 48.00
$ 1,248.00
47
$ 50.00
$ 2,350.00
Apr. 24
18
$ 50.00
$ 900.00
26
$ 48.00
$ 1,248.00
29
$ 50.00
$ 1,450.00
Apr. 30
28
$ 53.00
$ 1,484.00
26
$ 48.00
$ 1,248.00
29
$ 50.00
$ 1,450.00
28
$ 53.00
$ 1,484.00
Apr. 30
Balance
$ 6,784.00
$ 6,394.00
83
$ 4,182.00
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