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 58 units at $86 10 Sale 47 units 15 Purchase 70 units at $91 20 Sale 41 units 24 Sale 10 units 30 Purchase 40 units at $96 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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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

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	58 units at $86
10	Sale	47 units
15	Purchase	70 units at $91
20	Sale	41 units
24	Sale	10 units
30	Purchase	40 units at $96

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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