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 50 units @ $59 10 Sale 36 units 15 Purchase 63 units @ $63 20 Sale 37 units 24 Sale 9 units 30 Purchase 33 units @ $67 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
Purchases Cost of merchandise sold Balance
Date Quantity Rate Value Quantity Rate Value Quantity Rate Value
Apr. 1 50 59 2950
Apr.10 36 59 2,124 14 59 826
Apr. 15 63 63 3,969 14 59 826
63 63 3,969
Apl. 20 37 63 2,331 14 59 826
26 63 1,638
Apr. 24 9 63 14 59 826
17 63 1,071
Apr. 30 33 67 2,211 14 59 826
17 63 1,071
33 67 2,211

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