Beginning inventory, purchases, and sales data for DVD players are as follows: Date Line Item Description Units and Cost Nov. 1 Inventory 140 units at $29 10 Sale 110 units 15 Purchase 150 units at $30 20 Sale 120 units 24 Sale 35 units 30 Purchase 140 units at $34 The business maintains a perpetual inventory system, costing by the last-in, first-out 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. LIFO MethodDVD Players 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 Nov. 1 Nov. 1 Nov. 1 Nov. 1 Nov. 10 Nov. 10 Nov. 10 Nov. 10 Nov. 10 Nov. 10 Nov. 10 Nov. 15 Nov. 15 Nov. 15 Nov. 15 Nov. 15 Nov. 15 Nov. 15 fill in the blank 16 fill in the blank 17 fill in the blank 18 Nov. 20 Nov. 20 Nov. 20 Nov. 20 Nov. 20 Nov. 20 Nov. 20 fill in the blank 25 fill in the blank 26 fill in the blank 27 Nov. 24 Nov. 24 Nov. 24 Nov. 24 Nov. 24 Nov. 24 Nov. 24 fill in the blank 34 fill in the blank 35 fill in the blank 36 Nov. 30 Nov. 30 Nov. 30 Nov. 30 Nov. 30 Nov. 30 Nov. 30 fill in the blank 43 fill in the blank 44 fill in the blank 45 Nov. 30 Balances

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 3E: Beginning inventory, purchases, and sales data for portable game players are as follows: The...

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

Date	Line Item Description	Units and Cost
Nov. 1	Inventory	140 units at $29
10	Sale	110 units
15	Purchase	150 units at $30
20	Sale	120 units
24	Sale	35 units
30	Purchase	140 units at $34

The business maintains a perpetual inventory system, costing by the last-in, first-out 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.

LIFO MethodDVD Players

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
Nov. 1							Nov. 1	Nov. 1	Nov. 1
Nov. 10				Nov. 10	Nov. 10	Nov. 10	Nov. 10	Nov. 10	Nov. 10
Nov. 15	Nov. 15	Nov. 15	Nov. 15				Nov. 15	Nov. 15	Nov. 15
							fill in the blank 16	fill in the blank 17	fill in the blank 18
Nov. 20				Nov. 20	Nov. 20	Nov. 20	Nov. 20	Nov. 20	Nov. 20
							fill in the blank 25	fill in the blank 26	fill in the blank 27
Nov. 24				Nov. 24	Nov. 24	Nov. 24	Nov. 24	Nov. 24	Nov. 24
				fill in the blank 34	fill in the blank 35	fill in the blank 36
Nov. 30	Nov. 30	Nov. 30	Nov. 30				Nov. 30	Nov. 30	Nov. 30
							fill in the blank 43	fill in the blank 44	fill in the blank 45

Nov. 30	Balances					Nov. 30			Nov. 30

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