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Beginning inventory, purchases, and sales data for DVD players are as follows: Date Line...

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Accounting

Beginning inventory, purchases, and sales data for DVD players are as follows:
Date Line Item Description Units and Cost
Nov. 1 Inventory 72 units at $98
10 Sale 57 units
15 Purchase 95 units at $104
20 Sale 54 units
24 Sale 15 units
30 Purchase 28 units at $108
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.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.
LIFO Method
DVD Players
Nov. 1
Nov. 10
Nov. 15
Nov. 20
Nov. 24
Nov. 30
Nov. 30 Balances
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