Perpetual Inventory Using LIFO

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

June 1		Inventory	66 units @ $50
6		Sale	55 units
14		Purchase	81 units @ $53
19		Sale	46 units
25		Sale	12 units
30		Purchase	25 units @ $56

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 5.

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 DVD 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
June 1							66	$50	$3300
June 6					$	$
June 14		$	$
June 19
June 25
June 30
June 30	Balance					$			$

For June 6, it asks for quantity sold, cost of merchandise sold unit cost, cost of merchandise sold total cost, inventory quantity, inventory unit cost, inventory total cost

For June 14 it asks for quantity purchased, purchases unit cost, purchases total cost, inventory quantity, inventory unit cost, inventory total cost; then spaces under the inventory quantity, inventory unit cost and inventory total cost

For June 19, it asks for quantity sold, cost of merchandise sold unit cost, cost of merchandise sold total cost, inventory quantity, inventory unit cost, inventory total cost; then spaces under the, inventory quantity, inventory unit cost, inventory total cost

For June 25, it asks for quantity sold, cost of merchandise sold unit cost, cost of merchandise sold total cost, inventory quantity, inventory unit cost, inventory total cost; then under inventory quantity, inventory unit cost, inventory total cost

For June 30, it asks for quantity purchased, purchases unit cost, purchases total cost, inventory quantity, inventory unit cost inventory total cost; then under inventory quantity, inventory unit cost, inventory total cost

June 30 balances for cost of merchandise sold total cost and inventory total cost