Perpetual Inventory UsingLIFO

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

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, 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. Schedule of Cost of Goods Sold Perpetual Inventon, using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows: Nov. 10 Nov. 15 Nov. 20 Nov. 24 Nov. 30 November I 15 20 24 30 Inventory Sale rchase Sale Sale rchase 48 units at $81 33 units 60 units at $86 34 units g units 3S units at $91 LIFO Method DVD Players Cost of Quantity Goods Sold Date Nov. Nov. Quantity Purchased 60.00 36.00 Balances Purchases Unit Cost 1.43 2.S3 Purchases Total Cost 86.00 91.00 Cost of Goods Sold To tal Cost ss.69 86.00 12.90 Inventory Inventory Unit Cost Sold 33.00 60.00 9.00 Unit Cost 1.69 1.43 1.43 Q u antity 48.00 Is.oo 7S.oo 7S.oo 41.00 32.00 32.00 68.00 1.69 1.48 1.48 I.S3 l.ss l.ss 2.07 Inventory Total Cost 3,888 25.31 111.31 111.31 62.S8 49.68 49.68 140.68 30