Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May...
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Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory May 1 Purchases Sales 1,800 units at $27 May 10 20 900 units at $29 810 units at $31 May 12 1,260 units 14 1,080 units 31 540 units a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data 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 Prepaid Cell Phones Cost of Quantity Purchases Unit Cost Purchases Total Cost Quantity Sold Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Date Purchased Inventory Quantity Inventory Unit Cost Inventory Total Cost May 1 1,800 27 48,600 May 10 900 29 26,100 900 x 29 x 26,100 X May 12 May 14 May 20 810 31 25,110 May 31 May 31 Balances Feedback 82,120 Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory May 1 Purchases Sales 1,800 units at $27 May 10 20 900 units at $29 810 units at $31 May 12 1,260 units 14 1,080 units 31 540 units a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data 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 Prepaid Cell Phones Cost of Quantity Purchases Unit Cost Purchases Total Cost Quantity Sold Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Date Purchased Inventory Quantity Inventory Unit Cost Inventory Total Cost May 1 1,800 27 48,600 May 10 900 29 26,100 900 x 29 x 26,100 X May 12 May 14 May 20 810 31 25,110 May 31 May 31 Balances Feedback 82,120
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