Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 40 units at $66 10 Sale 33 units 15 Purchase S3 units at $69 20 Sale 29 units 24 Sale 9 units 30 Purchase 39 units at $72 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, 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. Schedule of Cost of Goods Sold LIFO Method DVD Players Cost of Cost of Inventory Inventory Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Unit Cost Total Cost Purchased Unit Cost Total Cost Sold Unit Cost Total Cost Quantity Date Nov. 1 NO.10 Schedule of Cost of Goods Sold LIFO Method DVD Players Cost of Cost of Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Purchased Unit Cost Total Cost Sold Unit Cost Total Cost Quantity Inventory Inventory Unit Cost Total Cost Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 111111111101 Nov. 24 Nov 30 Nov. 30 Balances Check My Work Previous Next