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Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 45 units @ $67 10 Sale 32 units 57
Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 45 units @ $67 10 Sale 32 units 57 units @ $70 Purchase Sale Sale 20 24 30 32 units 9 units Purchase 35 units @ $73 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 Cost of Cost of Quantity Merchandise Merchandise Sold Unit Cost Sold Total Cost Date Quantity Purchases Purchases Purchased Unit Cost Total Cost Sold Inventory Y Inventory Inventory Panicy Quantity Unit Cost Total Cost Unit C Total Cost Apr. hQullbi111) Or Balance
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