Perpetual Inventory Using LIFO

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

Apr. 1		Inventory	44 units @ $54
10		Sale	29 units
15		Purchase	55 units @ $57
20		Sale	31 units
24		Sale	9 units
30		Purchase	33 units @ $59

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.

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 44 units @ $54 10 Sale 29 units 15 Purchase 55 units @ $57 20 Sale 31 units 24 Sale 9 units 30 Purchase 33 units @ $59 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 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 Apr. 10 Apr. 15 Apr. 15 Apr. 20 Apr. 24 Apr. 30 Apr. 30 Balance