Perpetual Inventory Using LIFO

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

November 1 Inventory61 units at $5810 Sale43 units15 Purchase82 units at $6120 Sale48 units24 Sale12 units30 Purchase24 units at $63

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.

Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity SoldCost of Goods Sold Unit CostCost of Goods Sold Total Cost Inventory QuantityInventory Unit CostInventory Total CostNov. 1 fill in the blank 1fill in the blank 2fill in the blank 3Nov. 10 fill in the blank 4fill in the blank 5fill in the blank 6fill in the blank 7fill in the blank 8fill in the blank 9Nov. 15fill in the blank 10fill in the blank 11fill in the blank 12 fill in the blank 13fill in the blank 14fill in the blank 15 fill in the blank 16fill in the blank 17fill in the blank 18Nov. 20 fill in the blank 19fill in the blank 20fill in the blank 21fill in the blank 22fill in the blank 23fill in the blank 24 fill in the blank 25fill in the blank 26fill in the blank 27Nov. 24 fill in the blank 28fill in the blank 29fill in the blank 30fill in the blank 31fill in the blank 32fill in the blank 33 fill in the blank 34fill in the blank 35fill in the blank 36Nov. 30fill in the blank 37fill in the blank 38fill in the blank 39 fill in the blank 40fill in the blank 41fill in the blank 42 fill in the blank 43fill in the blank 44fill in the blank 45 fill in the blank 46fill in the blank 47fill in the blank 48Nov. 30Balances fill in the blank 49