Perpetual Inventory UsingLIFO

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

November 1Inventory54 units at $8010Sale44 units15Purchase71 units at $8420Sale41 units24Sale10 units30Purchase26 units at $87

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

Determine the cost of goods sold sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated inExhibit 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 SoldLIFO MethodDVD Players