Perpetual Inventory Using LIFO

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

June 1		Inventory	240 units at $78
10		Sale	180 units
15		Purchase	280 units at $80
20		Sale	220 units
24		Sale	90 units
30		Purchase	320 units at $86

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
Jun. 1							240	$78	$18,720
Jun. 10					$	$
Jun. 15		$	$
Jun. 20
Jun. 24
Jun. 30
Jun. 30	Balances					$			$

Use the Dynamic Exhibit to answer the following questions.

1. When the number of units sold on November 21 is 36, the cost of merchandise sold on November 21 is $.

2. When the number of units sold on November 21 is 36, the ending inventory on November 30 is $.

3. When the number of units sold on November 21 is 8, the cost of merchandise sold on November 21 is $.

4. When the number of units sold on November 21 is 50, the ending inventory on November 30 is $.