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Question Content Area Perpetual inventory using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows: Nov. 1 Inventory 7 7 units
Question Content Area
Perpetual inventory using LIFO
Beginning inventory, purchases, and sales data for DVD players are as follows:
Nov. Inventory units at $
Sale units
Purchase units at $
Sale units
Sale units
Purchase units at $
The business maintains a perpetual inventory system, costing by the lastin firstout method.
Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 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.
LIFO Method
DVD Players
Date
Quantity
Purchased
Purchases
Unit Cost
Purchases
Total Cost
Quantity
Sold Cost of
Goods Sold
Unit Cost Cost of
Goods Sold
Total Cost
Inventory
Quantity Inventory
Unit Cost Inventory
Total Cost
Nov. fill in the blank
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Nov. fill in the blank
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Nov. fill in the blank
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Nov. fill in the blank
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Nov. fill in the blank
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Nov. fill in the blank
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Nov. Balances fill in the blank
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