Perpetual Inventory Using LIFO

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

November 1		Inventory	59 units at $89
10		Sale	40 units
15		Purchase	71 units at $94
20		Sale	41 units
24		Sale	11 units
30		Purchase	40 units at $98

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 Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.

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 Inventory Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Goods Sold Date Quantity Cost of Goods Sold Total Cost Inventory Quantity Ui Cost Inventory Total Cost Purchased Unit Cost Nov. Nov. 10 Nov. 15 Nov. 20 Nov. 24 Nov. 30 Nov. 30 Balances