Question
Perpetual Inventory UsingLIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1Inventory40 units at $5010Sale33 units15Purchase51 units at $5320Sale29 units24Sale8
Perpetual Inventory UsingLIFO
Beginning inventory, purchases, and sales data for DVD players are as follows:
November 1Inventory40 units at $5010Sale33 units15Purchase51 units at $5320Sale29 units24Sale8 units30Purchase31 units at $56
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 inExhibit 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 SoldLIFO MethodDVD Players
Date
Quantity
Purchased
Purchases
Unit Cost
Purchases
Total Cost
Quantity
SoldCost of
Goods Sold
Unit CostCost of
Goods Sold
Total Cost
Inventory
QuantityInventory
Unit CostInventory
Total Cost
Date
Quantity
Purchased
Purchases
Unit Cost
Purchases
Total Cost
Quantity
SoldCost of
Goods Sold
Unit CostCost of
Goods Sold
Total Cost
Inventory
QuantityInventory
Unit CostInventory
Total CostNov. 1fill in the blank 1
fill in the blank 2
fill in the blank 3
Nov. 10fill in the blank 4
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
Nov. 15fill in the blank 10
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
Nov. 20fill in the blank 19
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
Nov. 24fill in the blank 28
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
Nov. 30fill in the blank 37
fill in the blank 38
fill in the blank 39
fill in the blank 40
fill in the blank 41
fill in the blank 42
fill in the blank 43
fill in the blank 44
fill in the blank 45
fill in the blank 46
fill in the blank 47
fill in the blank 48
Nov. 30Balances
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Corporate Financial Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
12th edition
1305041399, 1285078586, 978-1-133-9524, 9781133952428, 978-1305041394, 9781285078588, 1-133-95241-0, 978-1133952411
