Perpetual inventory using LIFO

The following units of a particular item were available for sale during the calendar year:

Jan. 1		Inventory	4,500 units at $41
Apr. 19		Sale	2,600 units
June 30		Purchase	4,300 units at $44
Sept. 2		Sale	5,300 units
Nov. 15		Purchase	2,000 units at $45

This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below.

Open spreadsheet

The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. Round your answers for quantity values to the nearest whole number, for unit cost values to the nearest cent, and for total cost values to the nearest dollar.

Schedule of Cost of Goods Sold LIFO Method
	Purchases			Cost of Goods Sold			Inventory
Date	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost
Jan. 1							fill in the blank 2	fill in the blank 3	fill in the blank 4
Apr. 19				fill in the blank 5	fill in the blank 6	fill in the blank 7	fill in the blank 8	fill in the blank 9	fill in the blank 10
June 30	fill in the blank 11	fill in the blank 12	fill in the blank 13				fill in the blank 14	fill in the blank 15	fill in the blank 16
							fill in the blank 17	fill in the blank 18	fill in the blank 19
Sept. 2				fill in the blank 20	fill in the blank 21	fill in the blank 22	fill in the blank 23	fill in the blank 24	fill in the blank 25
				fill in the blank 26	fill in the blank 27	fill in the blank 28
Nov. 15	fill in the blank 29	fill in the blank 30	fill in the blank 31				fill in the blank 32	fill in the blank 33	fill in the blank 34
							fill in the blank 35	fill in the blank 36	fill in the blank 37
Dec. 31	Balances					fill in the blank 38			fill in the blank 39