LIFO

BOOK Show Me How Perpetual Inventory Using LIFO Deginning inventory, purchases, and sales data for portable game players are as follows Apr 1 Inventory 37 units $98 10 Sale 26 units 15 Purchase 45 units $102 20 Sale 26 units 24 Sale 7 units 30 Purchase 29 units $100 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 UFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cout first in the cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Perpetual Inventory Account LIFO Method Portable Game Players Cost of cost of Merchandise Merchandise Sold Sold Unit Cost Total Cost Purchases Unit Cost Purchases Total Cost Quantity Sold Inventory Quantity Inventory Unit Cost Inventory Total Cost Quantity Date Purchased Apr 37 3.66