Question

Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows:

Inventory		Purchases		Sales
Dec. 1	2,900 units at $34	Dec. 10	1,450 units at $36	Dec. 12	2,030 units
		Dec. 20	1,305 units at $38	Dec. 14	1,740 units
				Dec. 31	870 units

a. Assuming that the perpetual inventory system is used, costing by the LIFO 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.

Schedule of Cost of Goods Sold
LIFO Method
Prepaid Cell Phones
Date	Quantity Purchased	Purchases Unit Cost	Purchases Total Cost	Quantity Sold	Cost of Goods Sold Unit Cost	Cost of Goods Sold Total Cost	Inventory Quantity	Inventory Unit Cost	Inventory Total Cost
Dec. 1
Dec. 10
Dec. 12
Dec. 14
Dec. 20
Dec. 31
Dec. 31	Balances

Answer 1

Date	Receipts	Issued	Balance
	Quantity Purchased	Purchases Unit Cost	Purchases Total Cost	Quantity Sold	Cost of Goods Sold Unit Cost	Cost of Goods Sold Total Cost	Inventory Quantity	Inventory Unit Cost	Inventory Total Cost
Dec. 1							2,900	34	132,600
Dec. 10	1,450	36	52,200
Dec. 12				1,450	36	52,200	2,320	34	78,880
				580	34	19,720
Dec. 14				17,40	34	59,160	580	34	19,720
Dec. 20	1,305	38	49,590				580	34	19,720
							1,305	38	49,590
Dec. 31				870	38	33,060	580	34	19,720
							435	38	16,350

OR

Taking a sum only if question demands that:

Date	Receipts	Issued	Balance
	Quantity Purchased	Purchases Unit Cost	Purchases Total Cost	Quantity Sold	Cost of Goods Sold Unit Cost	Cost of Goods Sold Total Cost	Inventory Quantity	Inventory Unit Cost	Inventory Total Cost
Dec. 1							2,900	34	132,600
Dec. 10	1,450	36	52,200
Dec. 12				2,030	36	71,920	2,320	34	78,880
Dec. 14				17,40	34	59,160	580	34	19,720
Dec. 20	1,305	38	49,590				1,885	34	69,310
Dec. 31				870	38	33,060	1,015	34	36,070