Perpetual Inventory Using LIFO

Beginning inventory, purchases, and sales data for portable DVD players are as follows:

June 1		Inventory	65 units @ $58
6		Sale	51 units
14		Purchase	84 units @ $61
19		Sale	50 units
25		Sale	13 units
30		Purchase	23 units @ $65

The business maintains a perpetual inventory system, costing by the last-in, first-out method.

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 DVD Players Purchases Unit Cost Purchases Total Cost Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Inventory Unit Cost Inventory Total Cost e Quantity Purchased June 1 June 6 Quantity Sold Inventory Quantity 65 s 58 3,770 56 June 14 100 5500 June 19 June 25 18 June 30 27 59 1593 June 30 Balance