Assume that the business in Exercise 6-3 maintains a perpetual inventory system, costing by the last-in, first-out

Question:

Assume that the business in Exercise 6-3 maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4.

Data from Exercise 6-3:

Beginning inventory, purchases, and sales data for DVD players are as follows:

120 units at $39 90 units 140 units at $40 110 units 45 units 160 units at $43 Nov. Inventory Sale 10 Purchase 15 20 24