Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 48 units $43 10 Sale 37 units 15 Purchase 58 units $45 20 Sale 34 units 24 Sale 8 units 30 Purchase 27 units $48 The business maintains a perpetual Inventory system, costing by the tast-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 Schedule of Cost of Merchandise Sold LIFO Method Portable Game Players Cost of Cost of Quantity Purchases Purchases Quantity Merchandise Sold Inventory Inventory Inventory Merchandise Sold Date Purchased Unit Cost Total Cost Sold Unit Cost Total Cost Quantity Total Cost Unit Cost Apr. 1 Apr. 10 Apr 15 0 DIIII) DDI00 DODIDO Apr 20 Du 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, I 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. Schedule of Cost of Merchandise Sold LIFO Method Portable Game Players Quantity Cost of Cost of Merchandise Sold Sold Merchandise Sold Unit Cost Total Cost Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Apr 1 Apr 10 Apr 15 0 Apr 20 bbbbb.IIII bil11011 Apr. 24 Apr 30 Apr 30 Balance 0 Previous Next