6-5

EX 6-4 Perpetual inventory using LIFO Assume that the business in Exercise 6-3 maintains a perpetual inve Obj. 2, 3 ntory system, costing $7,465 by the last-in, first-out method. Determine the cost of goods so inventory balance after each sale, presenting the data in the form PLATE EX 6-5 Perpetual inventory using LIFO Obj. 2, 3 nce, Beginning inventory, purchases, and sales data for prepaid cell phons 064 follows: for December are as Inventory Dec. 1 Sales Purchases 240 units 166 units 310 units at $88 144 units at $90 240 units at $96 Dec. 10 Dec. 12 TE 20 14 31 200 units A. 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, presenting the data in the form illustrated in Exhibit 4. B. Based upon the preceding data, would you expect the inventory to be higher or lower us- ing the first-in, first-out method? EX 6-6 Perpetual inventory using FIFO Obj. 2, 3 ssume that the business in Exercise 6-5 maintains a perpetual inventory system, costing by e first-in, first-out method. Determine the cost of goods sold for each sale and the inventor lance after each sale, presenting the data in the form illustrated in Exhibit 3