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Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dec. 1 1,200 units at $37 Dec.
Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dec. 1 1,200 units at $37 Dec. 10 600 units at $39 Dec. 12 840 units Dec. 20 540 units at $41 Dec. 14 720 units Dec. 31 360 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. 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 Sold LIFO Method Prepaid Cell Phones Quantity Cost of Goods Sold Cost of Goods Sold Sold Unit Cost Total Cost Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Dec. 1,200 37 44,400 1 Dec. 10 600 39 23,400 Dec. 12 110 Dec. 14 Check My Work Next Dec. 14 Dec. 20 11111 11111 dalili Dec. 31 Dec. 31 Balances b. Based upon the preceding data, would you expect the inventory to be higher or lower using the first-in, first-out method
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