Perpetual Inventory Using LIFO

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

Apr. 1		Inventory	52 units @ $52
10		Sale	34 units
15		Purchase	63 units @ $54
20		Sale	35 units
24		Sale	10 units
30		Purchase	36 units @ $57

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 first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.

Perpetual Inventory Account LIFO Method Portable Game Players

Date	Quantity Purchased	Purchases Unit Cost	Purchases Total Cost	Quantity Sold	Cost of Merchandise Sold Unit Cost	Cost of Merchandise Sold Total Cost	Inventory Quantity	Inventory Unit Cost	Inventory Total Cost
Apr. 1
Apr. 10
Apr. 15
Apr. 20
Apr. 24				fill in the blank 28	fill in the blank 29	fill in the blank 30
Apr. 30	fill in the blank 37	fill in the blank 38	fill in the blank 39
Apr. 30	Balance