Question

In: Accounting

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

Perpetual Inventory Using LIFO

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

June 1 Inventory 62 units @ $87
6 Sale 44 units
14 Purchase 75 units @ $92
19 Sale 42 units
25 Sale 11 units
30 Purchase 35 units @ $97

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 5.

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.

Schedule of Cost of Merchandise Sold
LIFO Method
Portable DVD Players
Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost
June 1 62 $87 $5394
June 6 $ $
June 14 $ $
June 19
June 25
June 30
June 30 Balance $ $

Solutions

Expert Solution

Schedule of Cost of Merchandise Sold

LIFO Method

Portable DVD Players

Date

Quantity Purchased

Purchases Unit Cost

Purchases Total Cost

Quantity Sold

Cost of Merchandise Sold Unit Cost

Cost of Merchandise Sold Total Cost

Inventory Quantity

Inventory Unit Cost

Inventory Total Cost

Jun-01

62

$               87.00

$       5,394.00

Jun-06

44

$            87.00

$        3,828.00

18

$               87.00

$       1,566.00

Jun-14

75

$             92.00

$       6,900.00

18

$               87.00

$       1,566.00

75

$               92.00

$       6,900.00

Jun-19

42

$            92.00

$        3,864.00

18

$               87.00

$       1,566.00

33

$               92.00

$       3,036.00

Jun-25

11

$            92.00

$        1,012.00

18

$               87.00

$       1,566.00

22

$               92.00

$       2,024.00

Jun-30

35

$             97.00

$       3,395.00

18

$               87.00

$       1,566.00

22

$               92.00

$       2,024.00

35

$               97.00

$      3,395.00

Jun-30

Balance

$     10,295.00

97

$        8,704.00

75

$       6,985.00


Related Solutions

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable DVD players are as...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 45 units @ $50 10 Sale 32 units 15 Purchase 60 units @ $53 20 Sale 33 units 24 Sale 10 units 30 Purchase 24 units @ $56 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...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable DVD players are as...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 43 units @ $68 10 Sale 29 units 15 Purchase 52 units @ $71 20 Sale 29 units 24 Sale 7 units 30 Purchase 39 units @ $75 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...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable DVD players are as...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 79 units @ $48 10 Sale 53 units 15 Purchase 106 units @ $50 20 Sale 59 units 24 Sale 18 units 30 Purchase 28 units @ $53 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...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable DVD players are as...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 120 units at $26 10 Sale 90 units 15 Purchase 140 units at $28 20 Sale 110 units 24 Sale 40 units 30 Purchase 160 units at $30 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...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 77 units @ $84 10 Sale 55 units 15 Purchase 33 units @ $87 20 Sale 28 units 24 Sale 16 units 30 Purchase 23 units @ $90 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 69 units @ $54 10 Sale 58 units 15 Purchase 34 units @ $56 20 Sale 19 units 24 Sale 11 units 30 Purchase 34 units @ $58 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 57 units @ $94 10 Sale 43 units 15 Purchase 23 units @ $100 20 Sale 19 units 24 Sale 8 units 30 Purchase 24 units @ $104 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 36 units @ $45 10 Sale 30 units 15 Purchase 17 units @ $47 20 Sale 12 units 24 Sale 8 units 30 Purchase 40 units @ $49 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 40 units @ $83 10 Sale 29 units 15 Purchase 23 units @ $87 20 Sale 16 units 24 Sale 11 units 30 Purchase 21 units @ $91 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 59 units @ $62 10 Sale 44 units 15 Purchase 33 units @ $66 20 Sale 23 units 24 Sale 11 units 30 Purchase 20 units @ $69 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT