Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data fo

Question

Perpetual Inventory Using LIFO

Beginning inventory, purchases, and sales data for 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 Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.

I just need you to fill out the rest of the question

November 1 Inventory 37 units at $99 10 Sale 30 units 15 Purchase 45 units at $104 20 Sale 25 units 24 Sale 6 units 30 Purchase 24 units at $108 Schedule of Cost of Goods Sold LIFO Method DVD Players Cost of Goods Sold Unit Quantity Purchased Date Purchases Unit Purchases Total Cost of Goods Sold Total Cost Quantity Sold Inventory antity Inventory Unit Cost Inventory Total Cost ov Nov 10 Nov Cost 3,663 693 693 37 30 99 V 2,970 99 V 104 4,680V 45 104 4,680 Nov 20 104 2,600 693 | 25 X Nov 24 104 624 693 104 ov 30 24 108 2,592 693 108 Nov 30 Balances 6,194

Explanation / Answer

Date Quantity Unit cost Total Quantity sold Unit cost Total Inventory Quantity Unit cost Total 1-Nov 37 99 3663 10 30 99 2970 7 99 693 15 45 104 4680 7 99 693 45 104 4680 20 25 104 2600 7 99 693 20 104 2080 24 6 104 624 7 99 693 14 104 1456 30 24 108 2592 7 99 693 14 104 1456 24 108 2592 Balances 6194 4741

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