Perpetual inventory using LIFO June 1 Inventory 52 units @ $55 June 6 Sale 34 un

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Perpetual inventory using LIFO
June 1 Inventory 52 units @ $55 June 6 Sale 34 units June 14 Purchase 64 units @ $58 June 19 Sale 36 units June 25 Sale 9 units June 30 Purchase 36 units @ $61 Show Me How Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: 52 units $55 34 units 64 units$58 36 units 9 units 36 units $61 June 1 Inventory 6 Sale 14 Purchase 19 Sale 25 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 lustrated in Exhibit s in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column Inventory Unit Cost column. and LOWER unit cost first in the Schedule of Cost of Merchandise Sold Portable DVD Total Cost Total Cost Sold Unit Cost Total Cost 52 $55 52860 Next

Explanation / Answer

Schedule of Cost of merchandise sold

LIFO Method

Portable DVD 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 Quantity Inventory unit cost Inventory total cost June 1 52 55 2860 June 6 34 55 1,870 18 55 990 June 14 64 58 3,712 64 58 3,712 18 55 990 June 19 36 58 2,088 28 58 1,624 18 55 990 June 25 9 58 522 19 58 1,102 18 55 990 June 30 36 61 2,196 36 61 2,196 19 58 1,102 18 55 990

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