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Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 45 units e $67 10 Sale 32 units 15 Purchase 57 units e $70 20 Sale 32 units 24 Sale 9 units 30 Purchase 35 units e $73 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 flrst 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 LIFO Method Quantity Purchased Purchases Unit Cost Purchases Total Cost Portable Game Players Cost of Merchandise Sold Unit Cost Cost of Herchandise Sold Total Cost Quantity Sold Inventory Quantity Inventory Unit Cost Inventory Total Cost Date Apr. Apr. 10 Apr. 15 20 Apr. Apr. 30 Aor. 30 Balance O 00 Q 00 Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 45 units e $67 10 Sale 32 units 15 Purchase 57 units e $70 20 Sale 32 units 24 Sale 9 units 30 Purchase 35 units e $73 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 flrst 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 LIFO Method Quantity Purchased Purchases Unit Cost Purchases Total Cost Portable Game Players Cost of Merchandise Sold Unit Cost Cost of Herchandise Sold Total Cost Quantity Sold Inventory Quantity Inventory Unit Cost Inventory Total Cost Date Apr. Apr. 10 Apr. 15 20 Apr. Apr. 30 Aor. 30 Balance O 00 Q 00
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Related Book For
Accounting
ISBN: 9781337902687
28th Edition
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
Posted Date:
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