Perpetual Inventory Using LIFO

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

Inventory		Purchases		Sales
Dec. 1	3,500 units at $20	Dec. 10	1,750 units at $22	Dec. 12	2,450 units
		Dec. 20	1,575 units at $24	Dec. 14	2,100 units
				Dec. 31	1,050 units

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.

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 Cost of Cost of Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Inventory Inventory Unit Cost Sold Total Cost Quantity Unit Cost Total Cost Purchased Unit Cost Total Cost Date Dec. 1 Dec. 10 Dec. 12 Dec. 14 Dec. 20 Dec. 31 Dec. 31 Balances