Question

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 50 units at $51 10 Sale 38 units 15 Purchase 66 units at $54 20 Sale 36 units 24 Sale 11 units 30 Purchase 27 units at $57 The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of goods sold 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.

Answer 1

Instructios are listed below.

Step-by-step explanation:

Giving the following information:

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows:

November 1: Inventory 50 units at $51

November 10: Sale 38 units

November 15: Purchase 66 units at $54

November 20: Sale 36 units

November 24: Sale 11 units

November 30: Purchase 27 units at $57

LIFO (last-in, first-out)

November 10:

COGS= 38*51= $1938

Inventory= 12*51= $612

November 20:

COGS= 36*54= $1944

Inventory= 612 + 30*54= $2,232

November 24:

COGS= 11*54= $594

Inventory= 612 + 19*54= $1,638

November 30:

Inventory= 1638 + 27*57= $3,177