Perpetual inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November Inventory 54 units at 18 10 Sale 38 units 15 Purchase 70 units at 192 20 39 units 24 10 units 30 Purchase 26 units at $96 The business maintains a perpetual Inventory system, costing by the last in first-out method Determine the cost of goods sold sold for each sale and the inventory bounce after each sale, presenting the data in the form isted in Exhibit Under LIFO, units are in Inventory at two different costs, enter the units with the HIGHER unit cost first in the cost of Goods Sold Unt Cost column and LOWER unit coutfit in the eventory Une Costum Schedule of Cost of Goods Sold LIFO Method DVD Players Cost of Cost of Inventory Inventory Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Unit Cost Total Cost Purchased Unit Cost Total Cost Sold Unit Cost Total Cost Quantity Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 Previous Ned 30 Purchase 26 units at $96 The business maintains a perpetual inventory system, costing by the last first-out method Determine the cost of goods sold 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 Unt Cout column and LOWER un cost first in the inventory Unt Cost column Schedule of Cost of Goods Sold LIFO Method DVD Players Cost of Cost of Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Inventory Inventory Purchased Unit Cost Total Cost Sold Unit Cost Total Cost Quantity Unit Cost Total Cost Date Nov. 1 Nov, 10 Nov. 15 I Nov. 20 0 0 II Nov. 24 Nov. 30 . o Nov. 30 Balances Previous Next