Question

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 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. Schedule of Cost of Merchandise Sold LIFO Method Portable Game 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 Apr. 1 $ $ Apr. 10 $ $ Apr. 15 $ $ Apr. 20 Apr. 24 Apr. 30 Apr. 30 Balance $ $

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 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.

Schedule of Cost of Merchandise Sold
LIFO Method
Portable Game 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
Apr. 1								$	$
Apr. 10					$	$
Apr. 15		$	$
Apr. 20
Apr. 24
Apr. 30
Apr. 30	Balance					$			$

Answer 1

• All working forms part of the answer
• Answer asked:

Schedule of Cost of Merchandise Sold
LIFO Method
Portable Game 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
Apr. 1							79	$                      48.00	$           3,792.00
Apr. 10				53	$                                    48.00	$               2,544.00	26	$                      48.00	$           1,248.00
Apr. 15	106	$                           50.00	$            5,300.00				26	$                      48.00	$           1,248.00
							106	$                      50.00	$           5,300.00
Apr. 20				59	$                                    50.00	$               2,950.00	26	$                      48.00	$           1,248.00
							47	$                      50.00	$           2,350.00
Apr. 24				18	$                                    50.00	$                  900.00	26	$                      48.00	$           1,248.00
							29	$                      50.00	$           1,450.00
Apr. 30	28	$                           53.00	$            1,484.00				26	$                      48.00	$           1,248.00
							29	$                      50.00	$           1,450.00
							28	$                      53.00	$           1,484.00
Apr. 30	Balance		$            6,784.00			$               6,394.00	83		$           4,182.00