Perpetual Inventory Using LIFO

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

November 1		Inventory	79 units at $87
10		Sale	62 units
15		Purchase	95 units at $90
20		Sale	53 units
24		Sale	14 units
30		Purchase	22 units at $95

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 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 Cost of Cost of Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Purchased Unit Cost Total Cost Sold Unit Cost Total Cost Quantity Inventory Inventory Unit Cost Total Cost Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 IO Nov. 24 Nov. 30 Nov. 30 Balances O