Perpetual Inventory Using LIFCo Beginning Inventory, purchases, and sales data f

Question

Perpetual Inventory Using LIFCo Beginning Inventory, purchases, and sales data for portable DVD players are as follows: 6? units @ $80 52 units 77 units @$84 44 units 13 units 24 units a $88 Apr. 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 merchandise sold for each sale and the Inventory balance after each sale, presenting the data In the form Illustrated In Exhlbit 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 Pla Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Apr. 1 Apr. 10 Apr. 1577 Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost 3,040 4,160 6,468 6,468 Apr. 20 Apr. 24 Apr. 3024 2,112 2,112 Apr. 30 Balance

Explanation / Answer

Schedule of cost of merchandise sold :

11

77

80

84

880

6468

11

33

80

84

880

2772

11

20

80

84

880

1680

11

20

24

80

84

88

880

1680

2112

Cost of goods sold = 8948

Ending inventory = 4672

Date quantity purchase Cost per unit Purchase cost Quantity sold Cost per unit Cost of goods sold Inventory quantity Cost per unit Ending inventory Apr 1 63 80 5040 Apr 10 52 80 4160 11 80 880 Apr 15 77 84 6468

11

77

80

84

880

6468

Apr 20 44 84 3696

11

33

80

84

880

2772

Apr 24 13 84 1092

11

20

80

84

880

1680

Apr 30 24 88 2112

11

20

24

80

84

88

880

1680

2112

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