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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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.
Transcribed Image Text: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.
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