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LIFO Method DVD PlayersPerpetual inventory using LIFO Beginning inventory, purchases, and sales data for...

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Accounting

LIFO Method
DVD PlayersPerpetual inventory using LIFO
Beginning inventory, purchases, and sales data for DVD players are as follows:
Date Line Item Description Units and Cost
Nov. 1 Inventory 140 units at $29
10 Sale 110 units
15 Purchase 150 units at $30
20 Sale 120 units
24 Sale 35 units
30 Purchase 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.
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