Question: Perpetual inventory using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: InventoryDateUnits and CostDec. 1 2 ,

Perpetual inventory using LIFO
Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows:
InventoryDateUnits and CostDec. 12,500 units at $22
PurchasesDateUnits and CostDec. 101,250 units at $24201,125 units at $26
SalesDateUnitsDec. 121,750 units141,500 units31750 units
Question Content Area
a.Assuming that the perpetual inventory system is used, costing by the LIFO 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.
Schedule of Cost of Goods Sold
LIFO Method
Prepaid Cell Phones
Date
Quantity
Purchased
Purchases
Unit Cost
Purchases
Total Cost
Quantity
SoldCost of
Goods Sold
Unit CostCost of
Goods Sold
Total Cost
Inventory
Quantity
Inventory
Unit Cost
Inventory
Total CostDec. 1Dec. 1Dec. 1Dec. 1Dec. 10Dec. 10Dec. 10Dec. 10Dec. 10Dec. 10Dec. 10fill in the blank 655c59f5affcfbd_10fill in the blank 655c59f5affcfbd_11fill in the blank 655c59f5affcfbd_12Dec. 12Dec. 12Dec. 12Dec. 12Dec. 12Dec. 12Dec. 12fill in the blank 655c59f5affcfbd_19fill in the blank 655c59f5affcfbd_20fill in the blank 655c59f5affcfbd_21Dec. 14Dec. 14Dec. 14Dec. 14Dec. 14Dec. 14Dec. 14Dec. 20Dec. 20Dec. 20Dec. 20Dec. 20Dec. 20Dec. 20fill in the blank 655c59f5affcfbd_34fill in the blank 655c59f5affcfbd_35fill in the blank 655c59f5affcfbd_36Dec. 31Dec. 31Dec. 31Dec. 31Dec. 31Dec. 31Dec. 31fill in the blank 655c59f5affcfbd_43fill in the blank 655c59f5affcfbd_44fill in the blank 655c59f5affcfbd_45Dec. 31BalancesDec. 31Dec. 31

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Consider the following problem. Maximize Z = 8x1 + 4x2 + 6x3 + 3x4 + 9x5, Subject to And x1 0, j = 1,.,5. You are given the facts that the basic variables in the optimal solution are x 3 , x 1 , and...

Q:

Perpetual inventory using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Dec. 1 4,200 units at $31 Purchases Dec. 10 2,100 units at...

Q:

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory May 1 1,200 units at $25 Purchases May 10 May 201 Sales 600...

Q:

help please Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dec. 1 1,200 units at $31 Dec....

Q:

need help with these 8 questions plz for accounting, havent been able to get the help i need Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for...

Q:

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 1,900 units at $22 May 10 950 units at...

Q:

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 1,550 units at $44 May 10 720 units at...

Q:

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dec. 1 2,000 units at $39 Dec. 10 1,000...

Q:

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dec. 1 3,000 units at $25 Dec. 10 1,500...

Q:

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dec. 1 1,600 units at $31 Dec. 10 800...

Q:

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Dec. 1 3,000 units at $35 Purchases Dec. 10 Dec. 20 1,500...

Q:

The management of Gresa Inc. is reevaluating the appropriateness of using its present inventory cost flow method, which is average-cost. The company requests your help in determining the results of...

Q:

Consider again the conditions of Exercises 6 and 7. Suppose that the probability that the student will be late on the first day of class is 0.7 and that the probability that he will be on time is...

Q:

12102. The man at A wishes to throw two darts at the target at B so that they arrive at the same time. If each dart is thrown with a speed of 10 m>s, determine the angles uC and uD at which they...

Q:

An investment offers the following cash flows: $ 8 7 0 today, $ 3 1 7 one year from now, $ 1 0 0 in 2 years, and $ 7 8 3 in 3 years. If the relevant interest rate is 6 % per year ( an APR, with...