Perpetual Inventory Using LIFO

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

November 1		Inventory	120 units at $39
10		Sale	90 units
15		Purchase	140 units at $40
20		Sale	110 units
24		Sale	45 units
30		Purchase	160 units at $43

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 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.