Question

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as...

Perpetual Inventory Using LIFO

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

Apr. 1 Inventory 63 units @ $100
10 Sale 50 units
15 Purchase 77 units @ $106
20 Sale 45 units
24 Sale 11 units
30 Purchase 31 units @ $110

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 Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.

Schedule of Cost of Merchandise Sold
LIFO Method
Portable Game Players
Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost
Apr. 1 $ $
Apr. 10 $ $
Apr. 15 $ $
Apr. 20
Apr. 24
Apr. 30
Apr. 30 Balance $ $

Homework Answers

Answer #1
Schedule of Cost of Merchandise Sold
LIFO Method
Portable Game Players
Date Quantity purchased Purchase unit cost Purchases Total Cost Quantity cost of merchandise sold cost of merchandise sold Unit cost cost of merchandise sold Total Cost Inventory quantity Inventory Unit Cost Inventory Total Cost
Apr-01 63 100 6,300
Apr-10 50 100 5,000 13 100 1,300
Apr-15 77 106 8,162 13 100 1,300
77 106 8,162
Apr-20 45 106 4,770 13 100 1,300
32 106 3,392
Apr-24 11 106 1,166 13 100 1,300
21 106 2,226
Apr-30 31 110 3,410 13 100 1,300
21 106 2,226
31 110 3,410
Balance $10,936 $6,936
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