Using FFO FB Perpetual Inventory Using LIFO Beginning inventory, purchases, and

Question

Using FFO FB Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows June 1 Inventory 6 Sale 14 Purchase 19 Sale 25 Sale 30 Purchase 51 units $74 43 units 64 units$78 36 units 10 units 28 units $82 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 llustrated in Exhibit S Under LTFO, 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 UPO Method Total Cost 3774 Soid Total Cos QuantityUnit Cost Purchased Unt CostTotal Cost Sold Sold Unit Cost $74 une June Previous

Explanation / Answer

Statement using Perpetual LIFO System Purchases Sales Closing Unit Cost/unit Cost Unit Cost/unit COGS Unit Cost/unit Cost 1.06 51 74 Rs. 3,774.00 51 74 Rs. 3,774.00 6.6 43 74 Rs. 3,182.00 8 74 Rs.     592.00 14.6 64 78 Rs. 4,992.00 8 74 Rs.     592.00 64 78 Rs. 4,992.00 19.6 36 78 Rs. 2,808.00 8 74 Rs.     592.00 28 78 Rs. 2,184.00 25.6 10 78 Rs.     780.00 8 74 Rs.     592.00 18 78 Rs. 1,404.00 30.6 28 82 Rs. 2,296.00 8 74 Rs.     592.00 18 78 Rs. 1,404.00 28 82 Rs. 2,296.00 COGS Rs. 6,770.00 Cost of Closig Inventory Unit Cost/unit COGS 8 74 Rs.     592.00 18 78 Rs. 1,404.00 28 82 Rs. 2,296.00 54 Rs. 4,292.00

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