Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 72 units @ $57 10 Sale 49 units 15 Purchase 88 units @ $60 20 Sale 50 units 24 Sale 15 units 30 Purchase 28 units @ $62 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.

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 72 units @ $57 10 Sale 49 units 15 Purchase 88 units @ $60 20 Sale 50 units 24 Sale 15 units 30 Purchase 28 units @ $62 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.

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Description: Perpetual Inventory Using LIFOBeginning inventory, purchases, and sales data for portable game players are as follows:Apr. 1Inventory72 units @ $5710Sale49 units15Purchase88 units @ $6020Sale50 units24Sale15 units30Purchase28 units @ $62The business

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 3E: Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for DVD players are as...

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