Score More SportsScoreMoreSports

uses the LIFO inventory method.

Score More SportsScoreMoreSports

started

DecemberDecember

with

1010

helmets that cost

$ 54$54

each. On

DecemberDecember

19,

Score More SportsScoreMoreSports

bought

1515

helmets at

$ 52$52

each. On

DecemberDecember

28,

Score More SportsScoreMoreSports

sold

1212

helmets.

Prepare a perpetual inventory record for

Score More SportsScoreMoreSports.

Start by entering the opening inventory balance. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.)

LIFO:		Purchases	Cost of goods sold	Inventory on hand
			Unit	Total		Unit	Total		Unit	Total
Date	Qty	Cost	Cost	Qty	Cost	Cost	Qty	Cost	Cost
Dec	1							10	$54	$540
	19	15	$52	$780				10	$54	$540
								15	$52	$780
	28				10	54	540	10	54
								13	52	676