Question
find the answer to this problem. Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1
find the answer to this problem.
Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales data for portable game players are as follows:
| Apr. 1 | Inventory | 39 units @ $53 | |
| 10 | Sale | 30 units | |
| 15 | Purchase | 52 units @ $56 | |
| 20 | Sale | 29 units | |
| 24 | Sale | 9 units | |
| 30 | Purchase | 38 units @ $58 |
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 column.
| Date | Quantity Purchased | Purchases Unit Cost | Purchases Total Cost | Quantity Sold | Cost of Merchandise Sold Unit Cost | Cost of Merchandise Sold Total Cost | Inventory Quantity | Inventory Unit Cost | Inventory Total Cost |
| Apr. 1 | fill in the blank 1 | $fill in the blank 2 | $fill in the blank 3 | ||||||
| Apr. 10 | fill in the blank 4 | $fill in the blank 5 | $fill in the blank 6 | fill in the blank 7 | fill in the blank 8 | fill in the blank 9 | |||
| Apr. 15 | fill in the blank 10 | $fill in the blank 11 | $fill in the blank 12 | fill in the blank 13 | fill in the blank 14 | fill in the blank 15 | |||
| fill in the blank 16 | fill in the blank 17 | fill in the blank 18 | |||||||
| Apr. 20 | fill in the blank 19 | fill in the blank 20 | fill in the blank 21 | fill in the blank 22 | fill in the blank 23 | fill in the blank 24 | |||
| fill in the blank 25 | fill in the blank 26 | fill in the blank 27 | |||||||
| Apr. 24 | fill in the blank 28 | fill in the blank 29 | fill in the blank 30 | fill in the blank 31 | fill in the blank 32 | fill in the blank 33 | |||
| fill in the blank 34 | fill in the blank 35 | fill in the blank 36 | |||||||
| Apr. 30 | fill in the blank 37 | fill in the blank 38 | fill in the blank 39 | fill in the blank 40 | fill in the blank 41 | fill in the blank 42 | |||
| fill in the blank 43 | fill in the blank 44 | fill in the blank 45 | |||||||
| fill in the blank 46 | fill in the blank 47 | fill in the blank 48 | |||||||
| Apr. 30 | Balance |
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