Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 120 units at $39 10 Sale 90 units 15 Purchase 140 units at $40 20 Sale 110 units 24 Sale 45 units 30 Purchase 160 units at $43 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. Schedule of Cost of Goods Sold LIFO Method DVD 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. 10 $ $ Nov. 15 $ $ Nov. 20 Nov. 24 Nov. 30 Nov. 30 Balances $ $
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 120 units at $39 10 Sale 90 units 15 Purchase 140 units at $40 20 Sale 110 units 24 Sale 45 units 30 Purchase 160 units at $43 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. Schedule of Cost of Goods Sold LIFO Method DVD 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. 10 $ $ Nov. 15 $ $ Nov. 20 Nov. 24 Nov. 30 Nov. 30 Balances $ $
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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Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales data for DVD players are as follows:
November 1 | Inventory | 120 units at $39 | |
10 | Sale | 90 units | |
15 | Purchase | 140 units at $40 | |
20 | Sale | 110 units | |
24 | Sale | 45 units | |
30 | Purchase | 160 units at $43 |
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.
Schedule of Cost of Goods Sold | |||||||||
LIFO Method | |||||||||
DVD 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. 10 | $ | $ | |||||||
Nov. 15 | $ | $ | |||||||
Nov. 20 | |||||||||
Nov. 24 | |||||||||
Nov. 30 | |||||||||
Nov. 30 | Balances | $ | $ |
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