Beginning inventory, purchases, and sales data for DVD players are as follows: Nov. 1 Inventory 10...

 

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Beginning inventory, purchases, and sales data for DVD players are as follows: Nov. 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 30 Purchase 80 units at $64 60 units 103 units at $67 60 units 14 units 37 units at $71 The business 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. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. LIFO Method DVD Players Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Date Nov. 1 Inventory Quantity 80 Inventory Unit Cost Inventory Total Cost 64 5,120 Nov. 10 60 64 3,840 Beginning inventory, purchases, and sales data for DVD players are as follows: Nov. 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 30 Purchase 80 units at $64 60 units 103 units at $67 60 units 14 units 37 units at $71 The business 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. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. LIFO Method DVD Players Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Date Nov. 1 Inventory Quantity 80 Inventory Unit Cost Inventory Total Cost 64 5,120 Nov. 10 60 64 3,840