Meginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 58 units $60 10 Sale 45 units 15 Purchase 70 units $64 20 Sale 39 units 24 Sale 10 units 30 Purchase 36 units @ $68 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 Schedule of Cost of Merchandise Sold LIFO Method Portable Game Players Cost of Purchases Quantity Cost of Merchandise Sold Merchandise Sold Total Cost Sold Unit Cost Total Cost Quantity Purchased Inventory Quantity Purchases Unit Cost Inventory Unit Cost Date Inventory Total Cost Apr TIL ET LIFO Method Portable Game Players Cost of Cost of Merchandise Sold Merchandise Sold Unit Cost Total Cost Quantity Purchased Purchases Unit Cost Date Purchases Quantity Total Cost Sold Inventory Quantity Inventory Unit Cost Invent Total C Apr. 1 Apr. 10 Apr 15 Apr. 20 Apr 24 Apr. 30 Apr Balance 30 Previous Next