Perpetual Inventory Using Lifo Beginning Inventory Purchases And Sales Data For Dvd Players Are As Follows 140 Units 1 (24.56 KiB) Viewed 13 times
Perpetual inventory using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows: 140 units at $29 Nov. 1 10 15 20 Inventory 24 30 Sale Purchase Sale Sale 35 units 140 units at $34 The business maintains a perpetual inventory system, costing by the last-in, first-out 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 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 Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column 110 units 150 units at $30 120 units Purchase
Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 Nov. 24 Nov. 30 Quantity Purchases Purchases Purchased Unit Cost Total Cost Nov. 30 Balances X X X X X X LIFO Method DVD Players Quantity Sold X X ✓ X Cost of Goods Sold Unit Cost X X X X Cost of Goods Sold Total Cost X X X X X Inventory Inventory Inventory Quantity Unit Cost Total Cost 8 X ✓ X X ✓ ✓ X X X X X X X X X X X X X X X X X X X X X X
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!