Perpetual Inventory Using LIFO

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

Apr. 1		Inventory	64 units @ $95
10		Sale	44 units
15		Purchase	77 units @ $100
20		Sale	45 units
24		Sale	12 units
30		Purchase	22 units @ $105

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

Schedule of Cost of Merchandise Sold LIFO Method Portable Game Players Date PurahttyUnit Purchases Unit Purchases Total Quaity Cost of Merchandise Sold Cost of Merchandise Sold Inventory Inventory Unit Inventory Total Purchased Cost Cost Sold Unit Cost Total Cost Cost Cost Apr. Apr. 10 Apr. Apr. 20 Apr 24 Apr. Apr Balance 30