Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are a

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Perpetual Inventory Using Lifo Beginning Inventory Purchases And Sales Data For Prepaid Cell Phones For December Are A 1 (32.98 KiB) Viewed 10 times

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Dec. 1 Date Dec. 1 Dec. 10 Dec. 12 1,600 units at $36 Dec. 14 Purchases Dec. 10 Dec. 20 a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of goods sold for each sale and the inventory balance after each cale, 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. Quantity Purchased Show Me 300 units at $38 720 units at $40 Purchases Unit Purchases Total Cost Cost Sales Dec. 12: Dec. 14 Dec. 31 Quantity Sold 1,120 units 960 units 400 units Schedule of Cost of Goods Sold LIFO Method Prepaid Cell Phones Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost 000 000 000 Inventory Quantity Inventory Unit 0 Inventory Total Cost