1. Perpetual inventory using LIFO

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

   Date	Line Item Description	Units and Cost
   Nov. 1	Inventory	72 units at $74
   10	Sale	53 units
   15	Purchase	96 units at $78
   20	Sale	55 units
   24	Sale	16 units
   30	Purchase	37 units at $83

   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.

   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							Nov. 1	Nov. 1	Nov. 1
   Nov. 10				Nov. 10	Nov. 10	Nov. 10	Nov. 10	Nov. 10	Nov. 10
   Nov. 15	Nov. 15	Nov. 15	Nov. 15				Nov. 15	Nov. 15	Nov. 15
   							fill in the blank 16	fill in the blank 17	fill in the blank 18
   Nov. 20				Nov. 20	Nov. 20	Nov. 20	Nov. 20	Nov. 20	Nov. 20
   							fill in the blank 25	fill in the blank 26	fill in the blank 27
   Nov. 24				Nov. 24	Nov. 24	Nov. 24	Nov. 24	Nov. 24	Nov. 24
   							fill in the blank 34	fill in the blank 35	fill in the blank 36
   Nov. 30	Nov. 30	Nov. 30	Nov. 30				Nov. 30	Nov. 30	Nov. 30
   							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					Nov. 30			Nov. 30

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