Perpetual Inventory Using LIFO

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

November 1		Inventory	57 units at $45
10		Sale	42 units
15		Purchase	72 units at $48
20		Sale	41 units
24		Sale	11 units
30		Purchase	21 units at $50

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 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.

Schedule of Cost of Goods Sold LIFO Method DVD Players Quantity Cost of Goods Cost of Goods Sold Sold Unit Cost Sold Total Cost Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Nov. 1 Nov. 10 Nov. 15 V! Nov. 20 Nov. 24 Nov. 30 110 1101 D110 Nov. 30 Balances