Perpetual Inventory Using LIFO

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

Inventory		Purchases		Sales
May 1	3,500 units at $35	May 10	1,750 units at $37	May 12	2,450 units
		20	1,575 units at $39	14	2,100 units
				31	1,050 units

 a. 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 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 Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.

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 e17ab6f6bff1f99_1	$fill in the blank e17ab6f6bff1f99_2	$fill in the blank e17ab6f6bff1f99_3
May 10	fill in the blank e17ab6f6bff1f99_4	$fill in the blank e17ab6f6bff1f99_5	$fill in the blank e17ab6f6bff1f99_6				fill in the blank e17ab6f6bff1f99_7	fill in the blank e17ab6f6bff1f99_8	fill in the blank e17ab6f6bff1f99_9
							fill in the blank e17ab6f6bff1f99_10	fill in the blank e17ab6f6bff1f99_11	fill in the blank e17ab6f6bff1f99_12
May 12				fill in the blank e17ab6f6bff1f99_13	$fill in the blank e17ab6f6bff1f99_14	$fill in the blank e17ab6f6bff1f99_15	fill in the blank e17ab6f6bff1f99_16	fill in the blank e17ab6f6bff1f99_17	fill in the blank e17ab6f6bff1f99_18
				fill in the blank e17ab6f6bff1f99_19	fill in the blank e17ab6f6bff1f99_20	fill in the blank e17ab6f6bff1f99_21
May 14				fill in the blank e17ab6f6bff1f99_22	fill in the blank e17ab6f6bff1f99_23	fill in the blank e17ab6f6bff1f99_24	fill in the blank e17ab6f6bff1f99_25	fill in the blank e17ab6f6bff1f99_26	fill in the blank e17ab6f6bff1f99_27
May 20	fill in the blank e17ab6f6bff1f99_28	fill in the blank e17ab6f6bff1f99_29	fill in the blank e17ab6f6bff1f99_30				fill in the blank e17ab6f6bff1f99_31	fill in the blank e17ab6f6bff1f99_32	fill in the blank e17ab6f6bff1f99_33
							fill in the blank e17ab6f6bff1f99_34	fill in the blank e17ab6f6bff1f99_35	fill in the blank e17ab6f6bff1f99_36
May 31				fill in the blank e17ab6f6bff1f99_37	fill in the blank e17ab6f6bff1f99_38	fill in the blank e17ab6f6bff1f99_39	fill in the blank e17ab6f6bff1f99_40	fill in the blank e17ab6f6bff1f99_41	fill in the blank e17ab6f6bff1f99_42
							fill in the blank e17ab6f6bff1f99_43	fill in the blank e17ab6f6bff1f99_44	fill in the blank e17ab6f6bff1f99_45
May 31	Balances