12. erpetual Inventory Using LIFO

    Beginning inventory, purchases, and sales data for DVD players are as follows:

    November 1		Inventory	38 units at $49
    10		Sale	30 units
    15		Purchase	49 units at $51
    20		Sale	28 units
    24		Sale	8 units
    30		Purchase	30 units at $54

    The business maintains a perpetual inventory system, costing by the last-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
    Date	Quantity Purchased	Purchases Unit Cost	Purchases Total Cost	Quantity Sold	Cost of Goods Sold Unit Cost	Cost of Goods Sold Total Cost	Inventory Quantity	Inventory Unit Cost	Inventory Total Cost
    Nov. 1
    Nov. 10
    Nov. 15
    Nov. 20
    Nov. 24
    Nov. 30
    Nov. 30	Balances