Perpetual Inventory Using LIFOBeginninginventory, purchases, and sales data for portable game players are as follows:Apr. 163 units @ $4947 units76 units @ $5143 units12 units26 units @ $54The business maintains a perpetual inventory system, costing by the last-in, first-out method.Apr. 1Apr. 10Apr. 15Apr. 201015Apr. 24InventoryApr. 30SalePurchaseDetermine 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 unitcost first in the Inventory Unit Cost column.SaleQuantityDate Purchased2024 Sale30PurchaseApr. 30 BalancePerpetual Inventory AccountLIFO MethodPortable Game PlayersPurchases Purchases QuantityUnit Cost Total Cost SoldU00Cost ofCost ofMerchandise MerchandiseSoldSoldUnit CostTotal CostQ 000Inventory Inventory InventoryQuantity Unit Cost Total Cost

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Description: Perpetual Inventory Using LIFOBeginninginventory, purchases, and sales data for portable game players are as follows:Apr. 163 units @ $4947 units76 units @ $5143 units12 units26 units @ $54The business maintains a perpetual inventory system, costing

LIFO means last in first out which means the purchase done at last will be sold or transferred to…

Business

Accounting

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. cost first in the Inventory Unit Cost column.

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. cost first in the Inventory Unit Cost column.

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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Beginning inventory, purchases, and sales data for portable game players are as follows: 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 3. b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method?
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Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 45 units @ $44 10 Sale 38 units 15 Purchase 23 units @ $46 20 Sale 13 units 24 Sale 13 units 30 Purchase 20 units @ $48 The business maintains 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 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Perpetual Inventory Account First-in, First-out Method Portable Game Players Quantity Purchases Purchases Cost of Merchandise Inventory Inventory Unit Total Quantity Purchased Sold Date Cost Cost Apr. 1 Apr. 10 Apr. 15 Apr. 20 Apr. 24 Apr. 30 Apr. 30 Balances b. Based upon the preceding…
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Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 53 units @ $92 10 Sale 37 units 15 Purchase 67 units @ $98 20 Sale 38 units 24 Sale 9 units 30 Purchase 30 units @ $104 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…
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