Question
could you solve this? Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 I nventory
Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales data for portable game players are as follows:
Apr. 1 Inventory 35 units @ $54
10 Sale 26 units
15 Purchase 46 units @ $56
20 Sale 26 units
24 Sale 7 units
30 Purchase 40 units @ $59
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 columns
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