Perpetual Inventory Using LIFO 15 20 Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 74 units at $76 10 Sale 57 units Purchase 97 units at $80 Sale 56 units 15 units Purchase 36 units at $84 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. 24 Sale 30 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. Exhibit 4 Entries and Perpetual Inventory Account (LIFO) 21,000 21,000 Jan. 4 Accounts Receivable Sales 4 Cost of Goods Sold Inventory 14,000 14,000 11,200 Jan. 1 10 Inventory Accounts Payable 11,200 Item 127B Cost of Purchases Goods Sold Inventory Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost 1,000 20.00 20,000 -4 700 20.00 14,000 300 20.00 6,000 10 500 22.40 11,200 300 20.00 6,000 500 22.40 11,200 22 360 22.408,064 300 20.00 6,000 140 22.40 3,136 28 140 22.40 3,136 200 20.00 4,000 100 20.00 2,000 30 600 23.30 13,980 200 20.00 4,000 600 23.30 13,980 31 Balances 27,200 17,980 10,800 10,800 22 Accounts Receivable Sales 22 Cost of Goods Sold Inventory 8,064 8,064 7,200 7,200 28 Accounts Receivable Sales 28 Cost of Goods Sold Inventory 5,136 5,136 13,980 30 Inventory Accounts Payable 13,980 Cost of goods sold January 31 inventory 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 Cost of Cost of Inventory Inventory Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Unit Cost Total Cost Purchased Unit Cost Total Cost Sold Unit Cost Total Cost Quantity Date Nov. 1 Nov. 10 o Nov. 15 o o Nov. 20 Nov. 24 Nov. 30 o Nov. 30 Balances o