Perpetual Inventory Using LIFO

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

June 1		Inventory	67 units @ $96
6		Sale	48 units
14		Purchase	88 units @ $102
19		Sale	52 units
25		Sale	14 units
30		Purchase	26 units @ $109

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.

Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold June 6 14 19 June 25 June 30 Schedule of Cost of Merchandise Sold LIFO Method Portable DVDPlayers Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost 96 6.432