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

Question

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 30 Purchase 64 units $62 50 units 81 units $64 45 units 14 units 39 units 0 S67 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 columr

Explanation / Answer

Schedule :

14

81

62

64

868

5184

14

36

62

64

868

2304

14

22

62

64

868

1408

14

22

39

62

64

67

868

1408

2613

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 balance Inventory unit cost Inventory total cost Apr 1 64 62 3968 Apr 10 50 62 3100 14 62 868 Apr 15 81 64 5184

14

81

62

64

868

5184

Apr 20 45 64 2880

14

36

62

64

868

2304

Apr 24 14 64 896

14

22

62

64

868

1408

Apr 30 39 67 2613

14

22

39

62

64

67

868

1408

2613

Apr 30 Balance 6876 4889

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