pctul tivtory Using LIFO ginning inventory, purchases, and sales data for portab

Question

pctul tivtory Using LIFO ginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 5 units @ $90 36 units 66 units $94 37 units 11 units " 10 Sale 15 Purchase 20 Sale 24 Sale 30 Purchase 34 units $100 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 Cost of Merchandise Cost of Ouantity Purchases Purchases QuantityMerchandise

Explanation / Answer

LIFO Portable DVD Players Purchases Cost of Merchandise sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 1-Apr 53 90 4770 6 36 90 3240 17 90 1530 15 66 84 5544 66 84 5544 17 90 1530 20 37 84 3108 29 84 2436 17 90 1530 24 11 84 924 18 84 1512 17 90 1530 30 34 100 3400 18 84 1512 17 90 1530 34 100 3400 84 7272 69 6442

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