ONLY ANSWER IF YOUR DOING IT ALL PLEASE Perpetual Inventory Using LIFO Beginning
ID: 2404511 • Letter: O
Question
ONLY ANSWER IF YOUR DOING IT ALL PLEASE
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 69 units @ $54 10 Sale 50 units 15 Purchase 83 units @ $57 20 Sale 46 units 24 Sale 14 units 30 Purchase 33 units @ $60Explanation / Answer
Schedule of Cost of Merchandise Sold LIFO method Portable Game Players Purchases/ inventory Cost of goods sold Ending inventory Date Description Unitts Rate ( $ ) Total cost ($ ) Unitts Rate ( $ ) Total cost ($ ) Unitts Rate ( $ ) Total cost ($ ) 1-Apr Beginning inventory 69 54 3,726 - - - 69 54 3,726 10-Apr Sale - - - 50 54 2,700 19 54 1,026 15-Apr Purchases 83 57 4,731 - - - 102 56.44 5,757 20-Apr Sale - - - 46 57 2,622 56 55.98 3,135 24-Apr Sale - - - 14 57 798 42 55.64 2,337 30-Apr Purchases 33 60 1,980 - - - 75 57.56 4,317
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