Question

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Perpetual Inventory Using LIFO

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

Apr. 1		Inventory	69 units @ $54
10		Sale	50 units
15		Purchase	83 units @ $57
20		Sale	46 units
24		Sale	14 units
30		Purchase	33 units @ $60

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

	Schedule of Cost of Merchandise Sold
	LIFO method
	Portable Game Players
		Purchases/ inventory			Cost of goods sold			Ending inventory
Date	Description	Unitts	Rate ( $ )	Total cost ($ )	Unitts	Rate ( $ )	Total cost ($ )	Unitts	Rate ( $ )	Total cost ($ )
1-Apr	Beginning inventory	69	54	3,726	-	-	-	69	54	3,726
10-Apr	Sale	-	-	-	50	54	2,700	19	54	1,026
15-Apr	Purchases	83	57	4,731	-	-	-	102	56.44	5,757
20-Apr	Sale	-	-	-	46	57	2,622	56	55.98	3,135
24-Apr	Sale	-	-	-	14	57	798	42	55.64	2,337
30-Apr	Purchases	33	60	1,980	-	-	-	75	57.56	4,317