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EX$\mathrm{.}07\mathrm{.}04.$ALGO $($Algorithmic$)$

Perpetual Inventory Using LIFO

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

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, 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.

Perpetual Inventory Account

LIFO Method

Portable Game Players