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Perpetual inventory using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows: Nov. 1 Inventory 10 Sale 15 Purchase 46
Perpetual inventory using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows: Nov. 1 Inventory 10 Sale 15 Purchase 46 units at $91 31 units 58 units at $95 20 Sale 24 Sale 30 Purchase 32 units 9 units 34 units at $100 The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of goods 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 LIFO Method DVD Players Quantity Purchases Purchases Quantity Purchased Unit Cost Total Cost Sold Date Nov. 1 Cost of Cost of Goods Sold Goods Sold Inventory Unit Cost Total Cost Quantity Inventory Inventory Unit Cost Total Cost 46 91 4,186 Nov. 10 31 91 2,821 15 91 1,365 Nov. 15 58 95 5,510 Nov. 20 Nov, 24 Nov. 30 34 100 3,400 Nov. 30 Balances 32 95 3,040 95 855
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