Perpetual Inventory Using LIFO

Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows:

Inventory		Purchases		Sales
May 1	1,400 units at $29	May 10	700 units at $31	May 12	980 units
		May 20	630 units at $33	May 14	840 units
				May 31	420 units

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 the form illustrated inExhibit 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 Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.

Question Content Area

Date	Quantity Purchased	Purchases Unit Cost	Purchases Total Cost	Quantity Sold	Cost of Merchandise Sold Unit Cost	Cost of Merchandise Sold Total Cost	Inventory Quantity	Inventory Unit Cost	Inventory Total Cost
May 1							fill in the blank 74ab7002cfeaffb_1	$fill in the blank 74ab7002cfeaffb_2	$fill in the blank 74ab7002cfeaffb_3
May 10		$fill in the blank	fill in the blank				fill in the blank 74ab7002cfeaffb_7	fill in the blank 74ab7002cfeaffb_8	fill in the blank 74ab7002cfeaffb_9
							fill in the blank 74ab7002cfeaffb_10	fill in the blank 74ab7002cfeaffb_11	fill in the blank 74ab7002cfeaffb_12
May 12				fill in the blank 74ab7002cfeaffb_13	$fill in the blank 74ab7002cfeaffb_14	$fill in the blank 74ab7002cfeaffb_15	fill in the blank 74ab7002cfeaffb_16	fill in the blank 74ab7002cfeaffb_17	fill in the blank 74ab7002cfeaffb_18
				fill in the blank 74ab7002cfeaffb_19	fill in the blank 74ab7002cfeaffb_20	fill in the blank 74ab7002cfeaffb_21
May 14				fill in the blank	fill in the blank	fill in the blank 74ab7002cfeaffb_24	fill in the blank 74ab7002cfeaffb_25	fill in the blank 74ab7002cfeaffb_26	fill in the blank 74ab7002cfeaffb_27
May 20	fill in the blank 8	fill in the blank	fill in the blank				fill in the blank 74ab7002cfeaffb_31	fill in the blank 74ab7002cfeaffb_32	fill in the blank 74ab7002cfeaffb_33
							fill in the blank 74ab7002cfeaffb_34	fill in the blank 74ab7002cfeaffb_35	fill in the blank 74ab7002cfeaffb_36
May 31								fill in the blank	fill in the blank 74ab7002cfeaffb_42
								fill in the blank	fill in the blank 74ab7002cfeaffb_45
May 31	Balances