FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Beginning inventory, purchases, and sales data for DVD players are as follows:
47 units at $64
31 units
58 units at $67
Date
Nov. 1
Nov. 10
Nov. 15
Nov. 20
Nov. 24
November 1
Nov. 30
32 units
9 units
23 units at $71
The business maintains a perpetual inventory system, costing by the last-in, first-out method.
Determine the cost of goods sold 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
10
15
20
Nov. 30 Balances
24
Inventory
30
Sale
Purchase
Sale
Sale
Purchase
Cost of
Cost of
Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory
Quantity
Purchased Unit Cost Total Cost Sold
Unit Cost
Total Cost
10
0
Unit Cost Total Cost
Inventory Inventory
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Transcribed Image Text:Beginning inventory, purchases, and sales data for DVD players are as follows: 47 units at $64 31 units 58 units at $67 Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 Nov. 24 November 1 Nov. 30 32 units 9 units 23 units at $71 The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of goods sold 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 10 15 20 Nov. 30 Balances 24 Inventory 30 Sale Purchase Sale Sale Purchase Cost of Cost of Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Quantity Purchased Unit Cost Total Cost Sold Unit Cost Total Cost 10 0 Unit Cost Total Cost Inventory Inventory
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