Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 59 units at $70 10 Sale

Perpetual Inventory Using LIFO

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

November 1 Inventory 59 units at $70
10 Sale 43 units
15 Purchase 71 units at $74
20 Sale 40 units
24 Sale 11 units
30 Purchase 29 units at $77

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.

Schedule of Cost of Goods Sold
LIFO Method
DVD Players
Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost
Nov. 1 fill in the blank 1 $fill in the blank 2 $fill in the blank 3
Nov. 10 fill in the blank 4 $fill in the blank 5 $fill in the blank 6 fill in the blank 7 fill in the blank 8 fill in the blank 9
Nov. 15 fill in the blank 10 $fill in the blank 11 $fill in the blank 12 fill in the blank 13 fill in the blank 14 fill in the blank 15
fill in the blank 16 fill in the blank 17 fill in the blank 18
Nov. 20 fill in the blank 19 fill in the blank 20 fill in the blank 21 fill in the blank 22 fill in the blank 23 fill in the blank 24
fill in the blank 25 fill in the blank 26 fill in the blank 27
Nov. 24 fill in the blank 28 fill in the blank 29 fill in the blank 30 fill in the blank 31 fill in the blank 32 fill in the blank 33
fill in the blank 34 fill in the blank 35 fill in the blank 36
Nov. 30 fill in the blank 37 fill in the blank 38 fill in the blank 39 fill in the blank 40 fill in the blank 41 fill in the blank 42
fill in the blank 43 fill in the blank 44 fill in the blank 45
fill in the blank 46 fill in the blank 47 fill in the blank 48
Nov. 30 Balances $fill in the blank 49 $fill in the blank 50

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions