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Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are...

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Accounting

Perpetual Inventory Using LIFO

Beginning inventory, purchases, and sales data for portable game players are as follows:

Apr. 1 Inventory 66 units @ $57
10 Sale 44 units
15 Purchase 79 units @ $60
20 Sale 43 units
24 Sale 13 units
30 Purchase 30 units @ $64

The business maintains a perpetual inventory system, costing by the last-in, first-out method.

Determine the cost of merchandise 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 Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.

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