Perpetual inventory using LIFO

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

DateLine Item DescriptionUnits and CostNov. 1Inventory140 units at $2910Sale110 units15Purchase150 units at $3020Sale120 units24Sale35 units30Purchase140 units at $34

The business maintains a perpetual inventory system, costing by the last-in, first-out method.

Determine the cost of goods 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.

Perpetual inventory using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows: Nav, 1 inwentery 10 Sale 15 Nurchase 20 Sale 24 Sale 30 Ruchase 140 unts at 129 110 units 150 unts at 130 120 units 35 units 140 unts at 134 The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of goods 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. LIFO Method DVD Players Nov, 30 Nov. 30 Ealances