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Can you help me on these? I'll upvote if they are correct! Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players
Can you help me on these? I'll upvote if they are correct! Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 25 units at $93 10 Sale 53 units 15 Purchase 96 units at $98 20 Sale 56 units 24 Sale 15 units 30 Purchase 28 units at $102 The business maintains a perpetual inventory system, costing by the lost in, first-out method Determine the cost of goods sold 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 DVD Players Cost of Cost of Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Purchased Unit Cost Total Cost Sold Unit Cost Total Cost Quantity Inventory Inventory Unit Cost Total Cost Date Nov. 1 75 93 6,975 Nov. 10 53 93 4,929 93 Nov. 15 93 98 9,114 93 93 98 9,114 Nov. 20 56 98 5,488 93 98 Nov. 24 15 98 1.470 93 98 Nov. 30 28 102 2,856 93 98 28 102 2,856 Nov. 30 Balances 11,887 Print item Perpetual Inventory Using UFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Dec. 1 Sales 3,200 units at $25 Purchases Dec. 10 Dec. 20 1,600 units at $27 1,440 units at $29 Dec 12 Dec. 14 2,240 units 1,920 units 960 units Dec. 31 a. Assuming that the perpetual inventory system is used, costing by the UFO 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 LITO, I 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 Cost of Cost of Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Inventory Inventory Purchased Unit Cost Total Cost Sold Unit Cost Total Cost Quantity Unit Cost Total Cost Date Dec. 1 3,200 25 80,000 Dec. 10 1,600 27 43,200 3,200 25 80,000 1,600 27 43,200 Dec. 12 1,600 27 43,200 25 25 Dec. 14 1,920 25 25 Dec. 20 1,440 29 41.760 25 1,440 29 Dec. 31 960 29 27,840 25 29 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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