Question
Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dec. 1310 units at $88Dec. 10144 units
Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows:
InventoryPurchasesSalesDec. 1310 units at $88Dec. 10144 units at $90Dec. 12240 unitsDec. 20240 units at $96Dec. 14166 unitsDec. 31200 unitsa.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.
See attached.
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