Question: 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

  1. 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 72 units at $74
    10 Sale 53 units
    15 Purchase 96 units at $78
    20 Sale 55 units
    24 Sale 16 units
    30 Purchase 37 units at $83

    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.

    LIFO Method DVD Players
    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
  • Previous
  • Next

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:

a. What are some of the subsectors that make up the healthcare sector? b. What is meant by the term healthcare finance as it is used in this book? c. What are the two broad areas of healthcare...

Q:

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 68 units at $47 10 Sale 49...

Q:

Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: Date Line Item Description Units and Cost Nov. 1 Inventory 65 units at $80 10 Sale 43...

Q:

Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: Date Line Item Description Units and Cost Nov. 1 Inventory 63 units at $50 10 Sale 50...

Q:

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 55 units at $85 10 Sale 46...

Q:

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 38 units at $82 10 Sale 32...

Q:

Question Content Area 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 140...

Q:

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 72 units at $74 10 Sale 53...

Q:

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 6 4 units at $ 6 4 1 0 Sale 4...

Q:

Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: Date Line Item Description Units and Cost Nov. 1 Inventory 7 4 units at $ 5 0 1 0 Sale 5...

Q:

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 43 units at $95 10 Sale 35...

Q:

Hare Manufacturing Company makes wax for automobiles. As part of overall planning, a cash budget is prepared quarterly each year. You have been asked to assist in preparing the cash budget for the...

Q:

What do brands mean to you? What are your three favorite brands and why? How your perceptions of brands might differ from those of others.

Q:

Arithmetic average rate of return is the return measure for the buy and hold strategy.

Q:

Current Attempt in Progress Suppose the Ivanhoe Ltd.'s 2020 financial statements contain the following selected data (in millions). Current assets Total assets Current liabilities Total liabilities...