Perpetual Inventory Using LIFO

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

Jan. 1 Inventory 4,200 units at $41

Apr. 19 Sale 2,700 units

June 30 Purchase 4,700 units at $43

Sept. 2 Sale 4,800 units

Nov. 15 Purchase 2,000 units at $48

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.

Perpetual Inventory Using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,200 units at $41 Apr. 19 Sale 2,700 units June 30 Purchase 4,700 units at $43 Sept. 2 Sale 4,800 units Nov. 15 Purchase 2,000 units at $48 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming 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 t cost first in the Inventory Unit Cost column. > Schedule of Cost of Goods Sold LIFO Method Purchases Cost of Goods Solc Date Quantity Unit Cost Total Cost Quantity Unit Cost Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Balances II ar year: sold for each sale and the nt the data in the form illustrated enter the units with the LOWER Schedule of Cost of Goods Sold LIFO Method Cost of Goods Sold Quantity Unit Cost Total Cost Quantity Inventory Unit Cost Total Cost