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EX 6-4 Perpetual inventory using LIFO Assume that the business in Exercise 6-3 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. OBJ. 2, 3

EX 6-4 Perpetual inventory using LIFO Assume that the business in Exercise 6-3 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. OBJ. 2, 3

Corporate Financial Accounting
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Inventories
Section: Chapter Questions
Problem 6.2BE: Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as...
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Ex 6-4
EX 6-3 Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: OBJ. 2, 3 ance, June 1 Inventory 240 units at $78 Sale Purchase 10 180 units 15 280 units at $80 20 Sale 220 units 24 Sale 90 units 30 Purchase 320 units at $86 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method? EX 6-4 Perpetual inventory using LIFO Assume that the business in Exercise 6-3 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. оB. 2, 3
Transcribed Image Text:EX 6-3 Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: OBJ. 2, 3 ance, June 1 Inventory 240 units at $78 Sale Purchase 10 180 units 15 280 units at $80 20 Sale 220 units 24 Sale 90 units 30 Purchase 320 units at $86 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method? EX 6-4 Perpetual inventory using LIFO Assume that the business in Exercise 6-3 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. оB. 2, 3
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