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

Apr. 1		Inventory	66 units @ $68
10		Sale	55 units
15		Purchase	83 units @ $71
20		Sale	46 units
24		Sale	14 units
30		Purchase	28 units @ $74

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.

Schedule of Cost of Merchandise Sold
LIFO Method
Portable Game Players
Date	Quantity Purchased	Purchases Unit Cost	Purchases Total Cost	Quantity Sold	Cost of Merchandise Sold Unit Cost	Cost of Merchandise Sold Total Cost	Inventory Quantity	Inventory Unit Cost	Inventory Total Cost
Apr. 1								$	$
Apr. 10					$	$
Apr. 15		$	$
Apr. 20
Apr. 24
Apr. 30
Apr. 30	Balance					$			$

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

   Apr. 1		Inventory	59 units @ $79
   10		Sale	44 units
   15		Purchase	25 units @ $83
   20		Sale	23 units
   24		Sale	13 units
   30		Purchase	36 units @ $88

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

   Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3.

   a. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column.

   Cost of the Merchandise Sold Schedule
   First-in, First-out Method
   Portable DVD Players
   Date	Quantity Purchased	Purchases Unit Cost	Purchases Total Cost	Quantity Cost of Merchandise Sold	Cost of Merchandise Sold Unit Cost	Cost of Merchandise Sold Total Cost	Inventory Quantity	Inventory Unit Cost	Inventory Total Cost
   Apr. 1								$	$
   Apr. 10					$	$
   Apr. 15		$	$
   Apr. 20
   Apr. 24
   Apr. 30
   Apr. 30	Balances					$			$

   b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method?

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