Schedule of Cost of Merchandise Sold

LIFO Method

Portable Game Players

Perpetual Inventory Using LIFO Beginning Inventory, purchases, and sales data for portable game players Apr. 1 Inventory 53 units @ $64 Sale 41 units Purchase 65 units @ $67 20 Sale 37 units 9 units Sale 30 Purchase 23 units $70 The business maintains a perpetual inventory system, costing by the last in, first-out method. Determine the cost of merchandise 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 Merchandise Sold Unt Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Merchandise Sold LIFO Method Portable Game Players Cost of Merchandise Sold C oat of Merchandise Sold Unit Cost Total Cost Purchases Unit Purchases Total Quantity inventory Inventory Ut ventry Total Date Quantity Purchased Agr Apr. 10 Apr. b0001... inllll.! Apr Balance