Perpetual Inventory Using LIFO

Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows:

Inventory		Purchases		Sales
Dec. 1	3,700 units at $33	Dec. 10	1,850 units at $35	Dec. 12	2,590 units
		Dec. 20	1,665 units at $37	Dec. 14	2,220 units
				Dec. 31	1,110 units

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 Sold	Cost of Goods Sold Unit Cost	Cost of Goods Sold Total Cost	Inventory Quantity	Inventory Unit Cost	Inventory Total Cost
Dec. 1							fill in the blank 0c3c83f95f8501d_1	$fill in the blank 0c3c83f95f8501d_2	$fill in the blank 0c3c83f95f8501d_3
Dec. 10	fill in the blank 0c3c83f95f8501d_4	$fill in the blank 0c3c83f95f8501d_5	$fill in the blank 0c3c83f95f8501d_6				fill in the blank 0c3c83f95f8501d_7	fill in the blank 0c3c83f95f8501d_8	fill in the blank 0c3c83f95f8501d_9
							fill in the blank 0c3c83f95f8501d_10	fill in the blank 0c3c83f95f8501d_11	fill in the blank 0c3c83f95f8501d_12
Dec. 12				fill in the blank 0c3c83f95f8501d_13	$fill in the blank 0c3c83f95f8501d_14	$fill in the blank 0c3c83f95f8501d_15	fill in the blank 0c3c83f95f8501d_16	fill in the blank 0c3c83f95f8501d_17	fill in the blank 0c3c83f95f8501d_18
				fill in the blank 0c3c83f95f8501d_19	fill in the blank 0c3c83f95f8501d_20	fill in the blank 0c3c83f95f8501d_21
Dec. 14				fill in the blank 0c3c83f95f8501d_22	fill in the blank 0c3c83f95f8501d_23	fill in the blank 0c3c83f95f8501d_24	fill in the blank 0c3c83f95f8501d_25	fill in the blank 0c3c83f95f8501d_26	fill in the blank 0c3c83f95f8501d_27
Dec. 20	fill in the blank 0c3c83f95f8501d_28	fill in the blank 0c3c83f95f8501d_29	fill in the blank 0c3c83f95f8501d_30				fill in the blank 0c3c83f95f8501d_31	fill in the blank 0c3c83f95f8501d_32	fill in the blank 0c3c83f95f8501d_33
							fill in the blank 0c3c83f95f8501d_34	fill in the blank 0c3c83f95f8501d_35	fill in the blank 0c3c83f95f8501d_36
Dec. 31				fill in the blank 0c3c83f95f8501d_37	fill in the blank 0c3c83f95f8501d_38	fill in the blank 0c3c83f95f8501d_39	fill in the blank 0c3c83f95f8501d_40	fill in the blank 0c3c83f95f8501d_41	fill in the blank 0c3c83f95f8501d_42
							fill in the blank 0c3c83f95f8501d_43	fill in the blank 0c3c83f95f8501d_44	fill in the blank 0c3c83f95f8501d_45
Dec. 31	Balances					$fill in the blank 0c3c83f95f8501d_46			$fill in the blank 0c3c83f95f8501d_47