Question: eBook Show Me How Question Content Area Perpetual inventory using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows: Date Line

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Perpetual inventory using LIFO

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

Date Line Item Description Units and Cost
Nov. 1 Inventory 62 units at $49
10 Sale 52 units
15 Purchase 82 units at $51
20 Sale 47 units
24 Sale 13 units
30 Purchase 37 units at $54

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.

Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost
Nov. 1 Nov. 1 Nov. 1 Nov. 1
Nov. 10 Nov. 10 Nov. 10 Nov. 10 Nov. 10 Nov. 10 Nov. 10
Nov. 15 Nov. 15 Nov. 15 Nov. 15 Nov. 15 Nov. 15 Nov. 15
fill in the blank 16 fill in the blank 17 fill in the blank 18
Nov. 20 Nov. 20 Nov. 20 Nov. 20 Nov. 20 Nov. 20 Nov. 20
fill in the blank 25 fill in the blank 26 fill in the blank 27
Nov. 24 Nov. 24 Nov. 24 Nov. 24 Nov. 24 Nov. 24 Nov. 24
fill in the blank 34 fill in the blank 35 fill in the blank 36
Nov. 30 Nov. 30 Nov. 30 Nov. 30 Nov. 30 Nov. 30 Nov. 30
fill in the blank 43 fill in the blank 44 fill in the blank 45
fill in the blank 46 fill in the blank 47 fill in the blank 48
Nov. 30 Balances Nov. 30 Nov. 30

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