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Perpetual Inventory Using LIFOBeginning inventory, purchases, and sales data for portable game players...

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Accounting

Perpetual Inventory Using LIFOBeginning inventory, purchases, and sales data for portable game players are as follows:Apr. 1 Inventory57 units @ $9310 Sale39 units15 Purchase69 units @ $9820 Sale39 units24 Sale10 units30 Purchase24 units @ $104The 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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